Breaking news: Goldman Sachs backs $50 Million Cryptcurrency startup Circle to purchase Poloniex.
More breaking news hits the cryptocurrency world again and this time from an unlikely source as we find Goldman Sachs backing a buyout of Poloniex by major money App player Circle. This has left the crypto market slightly confused and a bit worried as Goldman was one of the first advocates of the Bitcoin bubble ‘about to burst’.
Circle, one of the earliest and the best-funded startups in the bitcoin industry has announced its acquisition of Poloniex, one of the world’s largest cryptocurrency exchanges. – CCN.COM
In recent contradictory statements Goldman Sachs has also stated that Bitcoin is the future of transactions for emerging markets even though we find the Superpowers adoption rate to be much higher.
Circle is one of the biggest players in the cryptocurrency space with eyes on aggressive growth moving forward into 2018. They have major capital backing with eyes for a bigger and beefier year ahead! We are likely to see mergers, buyouts and a lot of ambitious startups coming up this year.
Goldman Sachs in order to get ahead of JP Morgan has reportedly set up a trading desk in all things crypto. JP Morgan on the other hand trying to move away from its shadowly comments on Bitcoin .. “Jaime Dimon, JPM's CEO, famously said Bitcoin was basically for corrupt money launderers and drug dealers.” – Forbes
JP Morgan aiming to be a clearing house for cryptocurrencies. The tide is turning it seems and with all this momentum and sudden position changes from the big banking boys, Bitcoin and cryptocurrencies look set to become more grounded in the world economy if not completely create there own.
Bloomberg reports “Goldman Sachs Group Inc. is setting up a trading desk to make markets in digital currencies such as bitcoin, according to people with knowledge of the strategy. The bank aims to get the business running by the end of June, if not earlier, two of the people said. Another said it’s still trying to work out security issues as well as how it would hold, or custody, the assets.”
What does all this mean for the resilient Bitcoin and its future? With the major banking players coming on board it definitely solidifies the notion that Bitcoin and other cryptocurrencies are here to stay. With so much money going into the development of cryptocurrency services and exchanges, we should see more mainstream adoption taking root especially from smaller banks and financial institutions across the world.