“Goldman’s effort involves both its currency-trading division and the bank’s strategic investment group, the people said. That suggests the firm believes bitcoin’s future is more as a payment method rather than a store of value, like gold” – Wall Street Journal
Earlier this year, Goldman’s chief technician, Sheba Jafari, predicted that Bitcoin would climb to about $4,800 (just like it did). I would be willing to bet that they have an entire team that has been studying Bitcoin for a long time.
Past Acceptance of Bitcoin
Goldman Sachs has already invested in startup Bitcoin companies. They specifically have invested in a company called Axoni. Axoni focuses on bringing Bitcoin technology into the professional financial sector. Investments like this prove that Goldman believes in Bitcoin for the long term.
The acceptance of Bitcoin by financial institutions is what could take Bitcoin to the next level. The cash flow into cryptocurrency would explode when financial institutions start trading it for their clients. As long as the US Government does not try and put strict regulations on the technology, this event is a major step forward for cryptocurrencies.