It is rare enough in the banking sector to be worth mentioning today. Indeed, the investment bank Goldman Sachs has just confirmed a new project which consists in offering a Bitcoin trading option to its clients. A rather unexpected news in a sector which has the reputation of being quite wary of cryptocurrencies.
A lot of requests from clients
A few days ago, on May 2, Rana Yared, CEO of investing bank Goldman Sachs, explained that she had been receiving a great number of requests from clients. She also declared that the bank will therefore give its clients the opportunity to speculate on Bitcoin. She added “when a client tells us that he wants to buy Bitcoin or futures contracts because he considers it an alternative reserve for value, we have to listen’.
It is not known yet when this service will be available to clients but it seems that, at first, only futures contracts will be implemented.
A first for Wall Street
This decision from Goldman Sachs is a true revolution for the banking sector. As a matter of fact, it is the first Wall Street bank to openly show interest for cryptocurrencies. Some people are quite skeptical about this decision indeed, including those in charge of creating the dedicated Bitcoin trading platform.
Rana Yared explained her decision as follows “I wouldn’t describe myself as a fond believer who wakes up in the morning thinking Bitcoin is going to take over the world. Almost all the people involved in the project have expressed skepticism at some point. This is not a new risk that we don’t understand. It is only another asset with higher risks attached to it, and that is why we must tread carefully”.
This turn from Goldman Sachs could have been anticipated however. A few weeks ago, the American bank hired famous trader Justin Schmidt, founder of Translunar Crypto, a company specialized in cryptocurrency trading.
More than ever, futures contracts arriving at Goldman Sachs are becoming a reality. Clients are very satisfied for the most part, judging this move from their bank to show modernity and a capacity to listen to their demands.