The bitecoin divides Wall Street: "scam" for the CEO of bank JPMorgan Chase, which predicts its implosion, virtual currency could instead become a financial asset like the others, Goldman Sachs estimates.
The investment bank, symbol of the power of Wall Street, is indeed planning to speculate on the bitcoin on behalf of its customers, said Monday to AFP a source close to the file.
Goldman Sachs is studying the possibility of buying and selling bitcoins, as well as other virtual currencies, the source said on condition of anonymity. The firm could constitute a specific team of traders, as it has for other financial products such as currencies (dollars, euros, yen ...), stocks or bonds.
The reflection is still at a preliminary stage, the source added. No timetable has been set and it is not certain that the bank is finally embarking on this land, she warned.
The adventure in the bitcoin, currency at a very volatile price, could be a good opportunity for Goldman Sachs whose brokerage once lucrative goes through a difficult period. Nearly 70 hedge funds are currently investing in crypto-currencies, according to Autonomous Next, and each day is traded for about $ 750 million in bitcoins.
A 'swindle', a 'bubble'
If Goldman Sachs opens a marketplace dedicated to bitcoin, it will initially serve only institutional clients (investment funds, insurers, large companies), some of whom have recently approached the bank and asked him if he wants to do so. it was possible to carry out operations in bitcoins in their name, said the source close to the file.
The adventure in the bitcoin could be a good opportunity for Goldman Sachs © Bryan R. Smith AFP / ArchivesThe adventure in the bitcoin could be a good opportunity for Goldman Sachs © Bryan R. Smith AFP / Archives
The firm makes the bet that the bitcoin will become a banal means of payment and not just a savings asset.
"In response to customers' interest in crypto-currencies, we are exploring what is the best way to meet their demands in this segment," Tiffany Galvin, a spokeswoman form the bank.
JPMorgan Chase, the leading US bank in terms of assets, seems to be going the other way. Jamie Dimon, its CEO, said in September that the bitcoin would "implode" because it is a "scam".
The most influential banker of Wall Street went so far as to warn his traders that those who speculated on the bitcoin would take the door. "I would dismiss them at the second, for two reasons: it is against the rules and they are stupid and both are dangerous," warned Jamie Dimon, backed by Ray Dalio, the founder of the powerful Bridgewater associates for whom the bitcoin is a "bubble".
JPMorgan does, however, execute orders for purchases and sales related to the bitcoin passed by its customers.
James Gorman, the CEO of Morgan Stanley, the other big American investment bank, is more nuanced and judges that the bitcoin is "obviously very speculative, but not fundamentally bad."
The big banks have so far refrained from directly touching the bitcoin, considered as a currency used for illicit activities, which is widely regarded by thugs and other traffickers because it is beyond the control of the authorities.
On a daily basis, stores and shops accept timid bitcoins, but impose significant costs. This is the case, for example, in two French restaurants (Le Village and La Sirene) in New York, where it is possible to settle in virtual currency.
On 1 September, the bitcoin had approached the threshold of 5,000 dollars, displaying at 4,921.45 dollars, of the never-seen, but the will of China to prohibit the operations of market in crypto-currencies has slowed down this march forward. In the United States, the stock market gendarme, the SEC, is considering tightening the regulatory arsenal against financial fraud related to the bitcoin.
But the "blockchain", technology behind the bitcoin that uses encrypted and authenticated transaction blocks in addition to each other, is widely accepted. It is becoming increasingly common in everyday life, particularly in food safety, where it allows the traceability of foodstuffs.
It is deemed tamper-proof because to modify an information, it should be changed at the same time in all the users. And the big banks are interested in it because it could allow them to simplify financial transactions and make significant savings.
