The international "heavyweight" financial firm of Goldman Sachs has announced an investment of approximately $15 million into BitGo – a cryptocurrency custodian firm.
Exciting news, when we consider how much stories like this legitimize our faith in this new emerging asset class!
Any partners?
”Goldman Sachs Group Inc. and a venture founded by one of its former partners, billionaire Mike Novogratz …”
Their objective?
” The funding will support BitGo’s development of its $1 trillion crypto wallet.”
Wow!! Amazing considering this firm’s long history of enthusiastic support for this emerging asset class, right?
Let’s see …
”We also believe that cryptocurrencies have moved beyond bubble levels in financial markets, and even beyond the levels seen during the Dutch ‘tulipmania’ between 1634 and early 1637.”
Hmmm. Okay, well maybe a little short of enthusiastic …
”Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected”
”We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value.”
Hmmm. Okay, well maybe a little short on support as well …
Aren’t these people some of the smartest money managers in the world? Why would they say one thing and do another? Perhaps they’re just a little “slow?” Well, dear reader, you can be the judge of that.
I’m a bit more cynical and skeptical in believing these people know exactly what they are doing. Which I talked about in my HODLers of the World Unite! post some time ago.
I have also said:
”… here is
's hard-earned, "no extra charge" word of advice - never go with what "they" say, always go with what "they" do! Simplest definition of integrity I know is that a person's actions line up with their words. Full stop. Period. While we may want to have an "innocent until proven guilty" approach with people, we need to have the opposite, when it comes to investing our money ...”
Source: HODLer Alert! Chicago Board Options Exchange (CBOE) and Bitcoin post
Until people like these are in a position to make money, they are going to “talk it down,” until their market position changes. Which, as they drive FUD, in turn drives the price down … So, they can then buy and own it at “bargain basement prices,” until “conditions” change. Where they can then “cash in” …
Is there a change coming?
I’d suggest this announcement shouts ”Yes” in a big way! What is changing? The ability of “big money” to enter “the game!!”
Those of us invested into the “cryptosphere,” no matter what our individual preferences and holdings may be, have all experienced the challenges of simply clearing the technical hurdles to own some of these assets. Many, many people are simply not going to do it. Not happening …
There are not only technical hurdles, but also the issue of safety and security. At least relatively speaking. The idea of investing into “cryptos” is very scary … Until someone again “clears the hurdles” in the way of their perception …
Developments like what BitGo is working on represents steps being taken to eliminate these hurdles for institutional investors. Here is another quote of what this represents:
”And Mike Novogratz, the founder of Galaxy Digital, made the following tweet (note the #theherdiscoming hashtag, which refers to the flow of institutional money into crypto)”
Oh, yeah. … ”the herd is coming” … I certainly like the sounds of that!
Remember, this guy (former Goldman Sachs exec …) is a billionaire. Think he is just throwing his money away? No way … The day is coming when those interested in owning the same crypto assets we now own, will be able to buy and sell them, much as the service provided by any stockbroker to buy or sell any stock. With the same perception of security, etc.
Goldman Sachs knows that day is not too far into the future. And when it comes? Well, let’s just say future installments of posts like this would likely show dramatic turnarounds in the statements of firms like these.
Suddenly (who knew?), they’ll be the biggest ”champions” for why holding some crypto assets in our portfolios is a brilliant idea. Why? Well, they will then be able to make money being “market makers,” where before they could not …
So … HODLers of the Steem blockchain, be encouraged!
Please hold on to what you have. I would suggest that we have been fortunate to “get in early” and there have certainly been “ups and downs.” That is true for any market. Even more true for this new, “immature” emerging asset class …
I am encouraged that is about to change. In the not too distant future. Not one to just talk about it, I’ve “put my money where my mouth is” ...
Additional 200 STEEM purchased. 175 STEEM powered up! 25 STEEM in reserve, as needed.
May bump me up the list a little on 
’s next
weekly Minnow Power-up League post! 😉
I hope, as I am, you are encouraged dear reader. While 2018 has been a tough time for all of us to “ride it out,” I truly believe, as 2018 draws to a close, we’ll begin to see “the sun come out” as we head into 2019 …
I’d love to hear your perspective. How are you feeling about the prospects for your future in the cryptosphere? All input is welcome!
Until "next time," all the best to you for a better tomorrow, as we all work together to build our Steem Community! 👍 😊
Respectfully,
Posted using Busy.org and “immutably enshrined in the blockchain” on Saturday, 20 October 2018!
Caveat: This is not investment advice. No, I don't have any inside information / clairvoyance, etc. Just one (of the "little people" ...) man's opinion, with words of encouragement and perhaps a little perspective you may find useful.
Bonus: To assist those who may also have a Bittrex account and wish to consider adding to their Steem investment, here is an illustrated aide. This may be of value to you, in completing the transaction, i.e. in getting it transferred into your Steem wallet and off the exchange:
Illustration: What to enter into Bittrex Withdrawal Screen for STEEM
- Note the exorbitant 0.01 STEEM transfer fee! It cost me an outrageous grand total of $0.024 USD to transfer 200 STEEM off the exchange! 😉 👍
