Goldman Exec: Bitcoin ‘Is Not A Fraud’
Speaking to the New York Times May 2, Goldman executive Rana Yared said that after being “inundated” by client requests, the bank had decided that Bitcoin “is not a fraud.”
“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,’” she told the publication.
While details remain sketchy, direct buying and selling Bitcoin will not be Goldman’s first port of call. Rather, “a variety” of associated products – the first of which will be Bitcoin futures – will grace the market first.
If you want a the latest news delivered to your phone join our telegram channel
Explaining the decision, which would make Goldman the first Wall Street bank to go for Bitcoin, Yared said some “scepticism” was still present, even among those in charge of creating the trading suite.
“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world,” she continued. “For almost every person involved, there has been personal scepticism brought to the table.”
A Bizarre Bitcoin U-Turn?
Goldman first suggested its Bitcoin perspective was changing last month when its securities division hired trader Justin Schmidt.
Regardless of the firmness of the plans, the news makes for surprising reading, coming from an industry that has traditionally been highly averse to cryptocurrency.
The negating of the “fraud” aspect of Bitcoin by Goldman is especially resonant, just eight months after JPMorgan CEO Jamie Dimon infamously crashed markets by using the term in public, a move he later said he “regretted.”
Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!