Goldman Sachs is looking to enter the cryptocurrency world. It is evident the financial firm wants to embrace Bitcoin in some official capacity. Setting up a Bitcoin trading desk seems to make a lot of sense in this regard. While still not an officially confirmed venture, the hiring of Justin Schmidt seems to hint at such a development.
Financial firms have shown an interest in Bitcoin trading.That in itself is not entirely surprising. After years of opposing cryptocurrencies, things are finally coming together for this nascent industry. A growing number of banks want to explore a Bitcoin trading desk concept.This list includes Goldman Sachs, a firm best-known for opposing cryptocurrencies for a very long time.
Goldman Sachs and Bitcoin Trading
At the time of writing, the bank has not confirmed they will open a Bitcoin trading desk. The firm is actively exploring this option, but nothing has been finalized yet. If the bank goes ahead with this concept, they become the first US bank to do so. That in itself would set a very intriguing precedent for the cryptocurrency industry as well. Institutional money can send massive shockwaves throughout this industry
It now seems Goldman Sachs is preparing to take their plans to the next level. By hiring Justin Schmidt, the bank is preparing itself for such a venture. Justin Schmidt will explore how Goldman can venture into the cryptocurrency market. A trading desk is just one of the options to explore in this regard. Providing consumers and investors with access to cryptocurrencies can be done through different methods. A trading desk would be the most straightforward option, though.
It is good to see banks acknowledge cryptocurrencies are here to stay. Investors want access to this volatility through convenient means. Buying Bitcoin on an exchange is not something a lot of people want to explore, for obvious reasons. Goldman Sachs can effectively gain a competitive advantage in the industry in this regard.
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