Today we learned Goldman Sachs is looking into a new operation for trading bitcoin and other digital currencies. With a total market cap of $150 Billion, cryptocurrency is becoming too big to ignore. Large banks who know their world is changing are looking for ways to participate.
"In response to client interest in digital currencies, we are exploring how best to serve them in this space," a Goldman spokesperson said.
While Jamie Dimon, CEO of JP Morgan called bitcoin a "fraud," Goldman's technical strategist has routinely published analysis on bitcoin's price. Goldman has been much more progressive on Bitcoin and crypto as is also with case with Fidelity Investments.
Morgan Stanley and a few other major banks have focused more on blockchain, the technology behind Bitcoin that eliminates the need for third-party intermediaries to transact money, but at the same time they have been trying hard to bash Bitcoin, while in fact have been buying it for clients on the dips.
Generally speaking, nobody is listening to Jamie Dimon any more as people know that JP Morgan has perpetrated the largest fraud in the history of mankind and attempts to take down Bitcoin just aren't working.
So what do you think? Who are the most progressive banks with respect to Bitcoin and cryptocurrency? What are the biggest threats and opportunities? What will happen to the price of Bitcoin if large banks start offering trading services?
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