While China closes the exchange of Bitcoin and the Security and Exchange Commission of the U.S indicates heavier inspection of coin offerings, the clients of the Goldman Sach are yet to exploit the cryptocurrency trade gainfully.
The Wall Street Journal reported that Goldman Sachs, the banking giant, is said to be considering a new operation in trading involving cryptocurrency owing to increased interest in digital currencies. This process under consideration could potentially become a major team of traders and salespeople.
An operation like this would make Goldman emerge as the first Wall Street giant to deal directly with cryptocurrency, as stated by the Journal. “Following the interest of clients in digital currencies, we are trying to discover how best to serve them in the space,” this was stated by a Goldman Sachs representatives in a statement.
Goldman Sachs gets ahead
The knowledge of Bitcoin has increased in U.S., with the cryptocurrency trading at about $4,400 on Monday, an appreciation of 341% since the start of 2017. In the meantime, investors such as Anderssen Horowitz, Union Square Ventures, and Sequoia Capital have gotten in cryptocurrency.
Goldman Sachs has been ahead of the rating in considering bitcoin as an investment in comparison to other trading parties. As compared to other digital currency giants, Goldman Sachs is the only banking giant with a bitcoinanalyst giving price targets.
J.P. Morgan CEO Jamie Dimon had tagged Bitcoin as a “fraud” recently. Though his firm continues to address the fears of clients missing out. The banking giant has still been directing customer orders for an exchange-traded funds tracking Bitcoin, but of much notice. Not to the cryptocurrency itself.