Bitcoin

Goldman Sachs Bitcoin ambition leading Cryptocurrency push

In Banks, News, Virtual Currencies by Parvesh ShamdasaniLeave a Comment

The New York Times broke that Goldman Sachs (one of the largest investment banks in the world) is bucking the trend among the bigger institutions and plans to be the first Bitcoin trading operation at a Wall Street bank. It is big news for such a big financial institution to throw its weight behind a product that others would not even touch with a stick due to the associated risks and government skepticism.

As expected in the days after the announcement, investors were emboldened by the move and are expected to follow the lead . More importantly according to CNBC, other banks are also expected to emulate as they do not want to get left behind. I personally am not surprised as the Virtual Currency market is huge, but the question remains of how they plan to effectively manage the risks and sell the idea to more conservative institutions and nations.

Business and compliance enthusiast, problem solver, road warrior, police ID check magnet, and half geek whose exploits have taken him around the United States, United Kingdom, Caribbean, India, deep into Southeast Asia and West Africa. Entered the anti-money laundering and high risk field to help develop understanding, contribute research, improve standards, prevent profiteering at the expensive of SMEs, and to protect interests of the average person.
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