Published: Sun, September 09, 2018
Markets | By Otis Pena

Goldman Sachs CFO Rubbishes Claims of Dropping Crypto Trading

Goldman Sachs CFO Rubbishes Claims of Dropping Crypto Trading

One of the emerging issues at hand is cryptocurrency regulation.

For all the recent talk about long-term bullish behavior and bitcoin reaching $10,000 by November, it's becoming clearer and clearer that analysts have no idea what they're talking about, and it's almost impossible to predict where cryptocurrencies will go considering they are all still too vulnerable to outside news and influence. The rest of the crypto market followed the Bitcoin and demonstrated a bigger decline, which led the market cap of TOP 100 leading currencies to a shrinking to $40 bln. But it has never been clear what the Wall Street giant was planning.

Martin Chavez, Goldman's chief financial officer, said there was never anything definite about its crypto plans.

Hype over the trading desk was premature?

Similarly, India's Securities and Exchange Board (SEBI) in its 2017-18 annual report, announced that the agency organized tours to other countries for its officials to study cryptocurrencies and Initial Coin Offerings (ICO).

Kang Seong-ju told the publication that he had sought advice from Goldman Sachs by stating the following: "I asked Goldman to pass on their know-how in the cryptocurrency area".

The CFO assured the audience that Goldman is still working on a type of derivative for bitcoin because "clients want it".

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This would be an over-the-counter future settled in dollars with the reference point bitcoin versus the USA currency on a number of exchanges. It is important to note that the announcement made by Goldman Sachs did induce temporary volatility in the cryptocurrency market with popular Bitcoin in particular quickly losing more than 400 USD dollars in minutes.

The original news about the Goldman Sachs deprioritizing crypto came from the Business Insider.

The bank's outgoing CEO Lloyd Blankfein tweeted in October that Goldman was "still thinking about bitcoin", and that the bank was "not endorsing/rejecting".

"When we talked about exploring digital assets that it was going to be exploration that would be evolving over time". He said that his friend whom he met a few years back sent him the Bitcoin.

Yesterday, there was a huge hue and cry about Goldman Sachs dropping their plans about introducing crypto trading. Further, the report said that Goldman was looking at custody solutions for institutional investors.

Describing physical Bitcoin as "something tremendously interesting, and tremendously challenging", Goldman's CFO emphasised on the need of a safe custody solution for the cryptocurrency.

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