Goldman Sachs' bitcoin fund raises cryptocurrency amid mixed price forecasts

Goldman Sachs is deliberating a plan to hold bitcoins and other digital currencies on behalf of funds that bet on cryptocurrency, according to a report.

The plan would see the banking giant still take its most significant step in the nascent world of digital resources, and have led bitcoin analysts to predict positive cryptocurrency market movements due to increased investor interest. The encrypted fund would reduce the risk to investors and could potentially lead to other cryptocurrency-based businesses

An internal source revealed plans for Bloomberg which stated that the calendar for the launch of the custody fund it must still be implemented. A spokesman for Goldman Sachs told the publication: "In response to customer interest in various digital products, we are exploring the best way to serve them in this space, at which point we have not reached a conclusion on the scope of our offer of digital resources ".

The Wall Street study has previously expressed interest in the cryptocurrency and it was said that in May it would be constituted a bitcoin trading counter. The company, reported for the first time by The New York Times would become Goldman Sachs the first major bank on Wall Street to open a cryptocurrency trading desk.

Cryptocurrency analyst Matthew Newton, who works for the eToro online trading platform, called The Independent at the time when the news "should not be a huge surprise for anyone who has paid attention to cryptocurrencies."

(REUTERS)

Bitcoin has recently seen a rise in prices for a month, which stopped abruptly at the beginning of August, when the cryptocurrency fell by 15% in less than seven days. Having briefly traded above $ 8,000 at the end of July, a single bitcoin is worth $ 6,988 at the time of writing.

Despite this price drop, experts and analysts are optimistic about the future of bitcoins.

"Following bitcoins and other cryptocurrencies in the last year and a half came to the conclusion that cryptographic markets are maturing and are imitating traditional stock markets in terms of sentiment," said Isaac Marks, a crypto-currant enthusiast. and co-founder of the recruitment company based on blockchain Bhired, The Independent .

"All markets are driven by sentiment and the world of cryptocurrencies is no different.The players are all the same – human beings react to present and mostly forward looking pricing – prices can potentially reach from $ 10,000 to $ 12,000 in the short term, because the wrong projects and the ICOs are checked and the crypto community begins to instil confidence and security by taking self-regulating action.

Other analysts have been less positive about the prospects of bitcoin, with Christian Ferri, CEO of BlockStar, who warned that the latest downturns could precede even the lowest prices.

"We will still see a certain volatility in the coming months, with the possibility of the price that still falls over the recent minimum of $ 6,000, at about $ 5,000, before bitcoin can start its next race, "said Ferri The Independent .

" There was no news or a important updates that could justify the recent price spike at over $ 8,000. It is likely that the recent high was caused by the launch of new capital on the market, creating a short compression for operators who buy bitcoins to cover their losses. "

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