Goldman, the global banking giant is planning to set up a trading desk for cryptocurrencies, according to a report.
The setup is still in its early stages as per the report. This means that they are currently figuring out the logistics and hiring employees. They are also thinking about how the bank will be holding assets and keeping them secure. The goal of the bank is to begin their trading by the start of June 2018.
The bank told Bloomberg in a statement that in response to a client’s interest in cryptocurrencies, they are exploring how to best serve the client.
This move would make Goldman the first major bank to start trading cryptocoins and Bitcoin, which have grown tremendously in 2017 with Bitcoin closing the $20,000 mark before it fell this week. The recent price according to Coindesk is $14,733, which is a huge jump from $998 since 1st January 2017.
Goldman is one of a few financial organizations that have started futures of Bitcoin for some selected client. CBOE bank was the first to offer trading options on 10th December and CME also joined after that. Some banks are opposing this and they have also expressed concern about the lack of transparency and regulations around these futures.
The factors that are driving the pricing and the market are unpredictable and unclear, which is why intelligent investors are staying away from Bitcoin. John Biggs of TechCrunch said that no one is currently able to predict what most cryptocurrencies like Bitcoin will be doing for them in future. Until we all know about this, it is best to just buckle up and let the ride give you joy.
If major banks like Goldman start understanding and investing in Bitcoin, the market might stabilize soon.