Goldman Sachs exploring bitcoin trading operation

As spread by the media it seems that Goldman Sachs takes a step further on the cryptocurrency market as they want to start an additional trading program which will have a clear focus on bitcoin and cryptocurrencies in general. The banks exploration of the cryptocurrency trading is at the very beginning and and might bring another boost on the cryptocurrency market.

In response to client interest in cryptocurrencies, we are exploring how best to serve them in this space” as a Goldman Sachs spokeswoman stated. The bank seems to take a closer look at bitcoin and other cryptocurrencies which might be a sign of beeing confident that cryptocurrencies are pretty serious and here to stay. Goldman also offers a  web page which gives some guidance to clients explaining the blockchain.

Just several weeks before, JPMorgan Chase CEO Jamie Dimon made heavy negative statements about bitcoin and even called cryptocurrencies a “fraud” and that they “won’t end well.” Dimon also stated that people should get fired for trading cryptocurrencies (JPMorgan bought Bitcoins for about USD 3 Million in the meantime). However, times have changed and cryptocurrencies are still on the rise. If you are working for JP Morgan, there will be no need to worry because if Dimon would fire you, another financial titan will be more than happy to get you in.

Morgan Stanley CEO James Gorman instead stated last week cryptocurrencies like bitcoin are “more than just a fad.”

Bitcoin climbed in price this year from about $600 to above $4800 and also recovered pretty fast by about $2000 after the Chinese regulatory impact in September and is currently traded at about $4300.

It is more than clear that if institutional investors will increase investments on the cryptocurrency market, more and more cryptofunds will be launched. In case Goldman Sachs plans come true and it opens a Bitcoin desk, it will also attract the funds.

The bank reported a 40 percent drop in bond trading in the second quarter. In other words, Goldman Sachs could benefit from new trading operations in an asset like cryptocurrencies.

Matthew Goetz, managing partner and CEO at cryptocurrency investment firm BlockTower Capital and a former vice president at Goldman Sachs:

“The smartest Wall Street firms have an opportunity to lead the market in offering financial services to the burgeoning cryptocurrency industry,”

“I think it behooves the smart and more forward-thinking firms to be involved in cryptocurrency,” he said, “given the number of new services and business lines that will stem from it as this important new industry continues to build and institutionalize.”

The trading operation itself would help Goldman Sachs to be one of the first Wall Street titans that are involved into cryptocurrency investments!

Thorsten Burger
Thorsten Burger
I am a digitization / Cryptocurrency / NFT enthusiast and author for with a long and extensive experience in the financial and digital transformation industry. I have successfully managed projects around the world, motivated employees to create a variety of beneficial strategic portfolios, digital marketing, e-commerce and platform solutions and supporting the agile transformation.Happy to connect!

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