Goldman Sachs plans to speculate on bitcoin for the account of its customers, said on Monday AFP a source close to the folder. The interest of the powerful american merchant bank could give a boost to the virtual currency weakened for weeks by the offensive of China, which wants to prohibit market transactions in bitcoins.
Goldman Sachs is studying the possibility to buy and sell bitcoins and other virtual currencies, said the source on condition of anonymity. The firm may for this purpose constitute a team of traders as it is for other financial products such as currencies (dollars, euros, yen…), stocks, bonds.
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A bet to the Goldman Sachs
The reflection is still at a preliminary stage, said the source, confirming information of the Wall Street Journal. No timetable has yet been arrested and it is not certain that the bank is finally launched, warned the source.
“In response to the interest of the customers for the cryptomonnaies, we are exploring what is the best way to respond to their requests on this segment”, said to AFP Tiffany Galvin, a spokeswoman for the bank.
Institutional clients – investment funds, insurers, large companies, have recently approached the bank to ask if it was possible to perform operations in bitcoins to their name, has indicated to the AFP the source. Goldman Sachs would bet that the bitcoin will become a payment method of the banal and not simply an asset of the savings.
The other major banks skeptical
The big banks are kept so far to directly affect the bitcoin, which is often regarded as a currency for illegal activities and approved by the thugs and traffickers because it escapes all control of the authorities. But the “blockchain” technology behind bitcoin, is very appreciated by the financial institutions for the transparency that it could inject in several parts of the economy and the savings that it would make to the banking sector.
The choice of Goldman Sachs is the opposite of the position shown by Jamie Dimon, CEO of JPMorgan Chase, the first american bank by assets. The bitcoin is going to “implode” because it is a “scam,” he said in September. James Gorman, CEO of Morgan Stanley, the other bank business american, has shown her range last week. For him, bitcoin is “obviously very speculative, but not inherently bad”.
On the 1st of September, the bitcoin had been near the bar for $ 5,000, appears to 4.921, $ 45, never-before-seen, but the decision of China to tighten its grip on the cryptomonnaies has slowed down the march. Monday, it was trading at 4.375 dollars.