Goldman Sachs Bitcoin Futures Trading Imminent
According to the New York Times Goldman Sachs will begin Bitcoin Futures trading for it’s clients using their own money within weeks:
In a step that is likely to lend legitimacy to virtual currencies — and create new concerns for Goldman — the bank is about to begin using its own money to trade with clients in a variety of contracts linked to the price of Bitcoin.
Though they will not be trading actual Bitcoins at this point it is something Goldman is looking into if regulatory approval can be given:
While Goldman will not initially be buying and selling actual Bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency.
Goldman Sachs made the decision in response to a growing numbers of queries about trading Bitcoin and Bitcoin Futures:
Ms. Yared said the bank had received inquiries from hedge funds, as well as endowments and foundations that received virtual currency donations from newly minted Bitcoin millionaires and didn’t know how to handle them. The ultimate decision to begin trading Bitcoin contracts went through Goldman’s board of directors.
This news is yet another positive for Bitcoin and Cryptocurrency, if you consider the sentiment indicated by traditional finance only a couple years ago. Bitcoin has been commonly deemed as a currency for Drugs, Guns and other illegal activities over the years – but now just 9 years after Bitcoins first block was mined onto the its Blockchain we have the very institutions it was designed to disrupt wanting a piece of the pie.
There is always the possibility that institutions have begun to come round to the idea that Bitcoin may not be so bad after all because they know the golden rule for retaining power:
Keep your friends close and your enemies closer
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What a surprise. I was wondering how long it would take before the big boys cracked.
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