Goldman Sachs Is Changing Its Stance on BTC
The company announced that it is appointing a new head of crypto and says that it will look into potentially building its own virtual token as a means of competing with the world’s number one digital currency by market cap. These are big words coming from a business that just three months ago, hosted an entire seminar about why bitcoin wasn’t a solid investment.
To be fair, everyone has had ups and downs when it comes to bitcoin considering the coin meanders all throughout the financial space. When it’s up, it’s way up, and when it is down, people are losing wealth left and right. Bitcoin can’t seem to make up its mind, which explains why most firms and individual traders can’t either.
But in the case of Goldman Sachs, the company has angered many people thanks to a major switcheroo it’s performed over the last three years. In 2017, Goldman Sachs told everyone how special bitcoin was given that it was on the verge of reaching its all-time high of roughly $20K per coin. Back then, BTC was something everyone needed to get their hands on.
Three years later, however, in May of 2020, the company took an entirely different stance and hosted a seminar under what many analysts later considered to be false pretenses. The seminar was designed to discuss alternative assets, the two biggest examples being gold and bitcoin. Many believed the course would ultimately be to educate traders on the properties of both, yet it’s said that Goldman Sachs did nothing but take hits at the cryptocurrency, saying that it wasn’t a valid asset.
Naturally, this rubbed several traders and crypto experts the wrong way, and it’s strange to see Goldman suddenly turning in the opposite direction. Has the company finally come to accept that bitcoin is here to stay and thus wants to remain ahead of the game?
The company stated:
We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases.
This Has Happened with Other Companies
For the most part, Goldman’s latest move is nothing out of the ordinary. Many crypto bashers and bitcoin haters ultimately become fans or at least acceptors of the currency. A major example is JPMorgan. The company’s CEO Jamie Dimon is quoted as calling bitcoin a fraudulent coin, though JPMorgan has been publishing positive reports on the asset as recently as last June and even established JPM Coin as a means of competing.
Now, all traders have left to hope for is that doubters like Warren Buffett come to their senses and develop “Buffett Coin.”