Sources close to the American multinational finance company, Goldman Sachs, has revealed the firm is looking into creating a new trading operation that deals with bitcoin.
Goldman Sachs May Enter the Cryptocurrency Trading Arena
The Manhattan-based financial management service, Goldman Sachs Group, says that it's looking into entering the world of bitcoin trading markets according to a report from the Wall Street Journal. The publication's columnist, Paul Vigna, explains that people familiar with the matter say Goldman Sachs is interested in dealing with bitcoin trading markets. The source explained Goldman's plan is in its "early stages," but is the first Wall Street firm to show this much interest in the bitcoin trading arena.
"In response to client interest in digital currencies we are exploring how best to serve them in this space," a Goldman spokeswoman told both the Wall Street Journal and CNBC news outlets.
If You Can't Beat Them — Join Them
Goldman Sachs interest in bitcoin started off with the firm discounting nearly every benefit the technology had to offer a few years ago. A couple of years down the line the financial management company suddenly couldn't stop talking about bitcoin and this time highlighting its positive attributes. Goldman Sachs also has technical stock and forex analysts watching the market closely and has given investors trading advice in a few market reports. Just recently a lead technical strategist at Goldman, Sheba Jafari, has been plotting charts and predicting price waves for clients. Reports reveal that the company started covering bitcoin markets due to "numerous client requests."