Cryptocurrency

Goldman Sachs says ‘Bitcoin is not a fraud’, confirms Bitcoin futures trading desk

Avatar Written by Sajeel Syed · 54 sec read>
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The famed Wall Street‘s bank Goldman Sachs has confirmed that it will begin to leverage its own capital to trade in a variety of investment contracts linked to Bitcoin, and potentially trade Bitcoin directly in the near future.

As in the reports of NewYork Times, the company’s executive Rana Yared, alongside unveiling its plans of buying and selling cryptocurrency, also said that Bitcoin “is not a fraud”, as she carried on to say; “[…] It is not a new risk that we don’t understand. It is just a heightened risk that we need to be extra aware of here.”

She further said that the organization has adopted a careful stance on the cryptocurrency and “I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.”

Goldman Sachs has already begun clearing trades for clients that buy and sell futures via the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE), but the launch of the new trading desk will see the bank use its own capital to pursue futures contracts on behalf of its clients.

Furthermore, the desk will be managed by Justin Schmidt, who joined Goldman Sachs recently in the newly-created “digital asset” trader position. According to Schmidt, Goldman Sachs will consider trading Bitcoin directly — paradoxically referred to as “physical Bitcoin” — if the necessary regulatory approval can be secured from the Federal Reserve and New York authorities.

Written by Sajeel Syed
I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism.Follow me on Twitter: https://twitter.com/sajeelshamsi Profile