It seems that money talks in fact, even virtual money. The Wall Street Journal announced that the bank Goldman Sachs planned to enable its investors to make direct exchanges of Bitcoins. If this project succeeded, Goldman would become the first major firm on Wall Street to enable its investors to access directly to the fast-growing market of crypto-currencies.
Goldman Sachs wants to meet the needs of its investors
According to a spokesperson for the american bank, Goldman Sachs would open up a whole new market to investors, even if other companies, such as Grayscale (GBTC), already offer this type of service, but on a smaller scale. “In response to customer interest in the digital currency, we explore the best way to meet their needs “, he added. Although this news may provoke a legitimation quick, the space of the crypto-currency, this perspective will make the Bitcoin and other digital currencies will no doubt be subject to increased scrutiny by government regulatory agencies. Moreover, the federal Reserve has indicated that it is already exploring in more depth all the aspects of crypto-currencies. And the SEC (Securities and Exchange Commission) has filed a regulatory framework for the ICO.
FILE – In this Oct. 16, 2014 file photo, a screen at a trading post on the floor of the New York Stock Exchange is juxtaposed with the Goldman Sachs booth. The Goldman Sachs Group, Inc. reports quarterly financial results before the market opens on Friday, Jan. 16, 2015. (AP Photo/Richard Drew, File)
A choice dictated by a need to volatility
Goldman Sachs experienced a substantial reduction of its income (21 % since last year). It seems that the issue is related to the volatility. The company has not been able to take advantage of the turbulence of the stock market and seeks a new source of volatility to allow its investors to take advantage of their profit. According to the Wall Street Journal : “Goldman, formerly known as the trader the most skilful of Wall Street, was more struggled than its competitors. The turnover of the division in fixed-income fell 21 %, driven by a poor performance of the commodities, and currencies. “Now, the question is whether, yes or no, the growing interest of investors conventional for Bitcoin is good news for the trading of crypto-currencies.