Goldman Sachs To Open Bitcoin Trading Desk
Goldman Sachs has officially announced their plans to buy and sell cryptocurrency, the New York Times reported on May 2nd.
In the announcement, Goldman clarified its position on digital currencies, stating Bitcoin “is not a fraud.” Unlike its Wall Street counterparts, the banking giant is set to offer various contracts to give clients exposure to Bitcoin.
Rana Yared – an executive involved in designing the company’s offerings – stated that Goldman had been “inundated” with client requests for exposure to Bitcoin.
Yared told the New York Times that “it resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because it is an alternative store of value.’”
“…It is not a new risk that we don’t understand. It is just a heightened risk that we need to be extra aware of here,” Yared told the publication.
According to Yared, Goldman “had concluded Bitcoin is not a fraud,” a notion that directly contradicts JP Morgan CEO Jamie Dimon’s notorious comments regarding the digital currency.
She clarified her personal position on the subject, saying “I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world.”