Goldman Sachs to Go All In on Bitcoin
Goldman Sachs is planning to build a cryptocurrency trading desk, making it the first large Wall Street bank to make cryptocurrency markets. Although Goldman’s aims are a departure from the old guard that has decried Bitcoin as a “fraud” for “idiots”, in the words of JPMorgan Chase CEO Jamie Dimon, the New York investment firm is still moving as slow as Bitcoin’s transaction speeds. According to Bloomberg, the target date for their new trading desk is June 2018, giving blockchain technologists just enough time to disrupt Goldman’s entire business model.
Even if the climate is substantially different by the time their plans actually come to fruition, the decision by a financial titan to trade Bitcoin is an affirmative signal that the blockchain, a public open ledger that marks the core of Bitcoin’s technology, is here to stay. Despite Bitcoin’s wild and erratic price runs and the feeding frenzy of the new futures markets, the blockchain will reinvent the financial sector. It will also change how we record transactions, guarantee trust, execute validations and generate certifications, making way for more cryptocurrencies in a growing global market.