Goldman Sachs Will Trade Bitcoin, Bitcoin Futures Coming 'Within Weeks'

Goldman Sachs to Begin Bitcoin Futures Trading Within Weeks

Goldman Sachs will begin Bitcoin trading operation soon

According to NYT, the investment banking giant was preparing to start using its own funds to promote a variety of investment contracts linked to the bitcoin price and harboured the hope of trading "physical bitcoins" directly one day.

While most big Wall Street banks have been cautious about entering the crypto space, Goldman Sachs is reportedly planning to launch a bitcoin trading desk, according to the New York Times.

Less than a fortnight since then, the bank confirmed setting up its bitcoin desk.

Goldman Sachs, one of the biggest financial institutions in the U.S., is set to launch a bitcoin trading counter, the New York Times reported on Wednesday, May 2. It will also offer so-called non-deliverable forwards, another type of derivative product which the bank will create.

There were rumors a year ago of the firm planning to launch a cryptocurrency trading desk, such as a December Bloomberg article, citing people with knowledge of the strategy.

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Rana Yared - the executive creating the Bitcoin operation - says Goldman is still skeptical about crypto, but made a decision to listen to customers who want to trade digital currencies.

Goldman first suggested its Bitcoin perspective was changing last month when its securities division hired trader Justin Schmidt. "For nearly every person involved, there has been personal skepticism brought to the table". It is not a new risk that we don't understand.

Some of the bank's clients approached it, as they wanted to hold Bitcoin as a store of value. "It is just a heightened risk that we need to be extra aware of here".

Ms. Yared said Goldman had concluded that Bitcoin is not a fraud and does not have the characteristics of a currency. However, #Goldman Sachs has recently announced that they are actually moving ahead with starting an internal Bitcoin trading operation that will be offering clients options to invest in Bitcoin and other cryptocurrency futures.

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