Goldman Sachs will manage Bitcoin for its customers, insiders reveal

Goldman Sachs reiterated that plans to launch "cryptographic asset offerings" to customers in the future in what Bloomberg describes as "pushing for the burgeoning universe of funds that bet on cryptocurrencies".


"In response to customer interest

In a commentary to the August 6 publication, a spokesperson for the financial giant has built on previous May announcements of this year on his plans to offer futures on Bitcoins.

"In response to customer interest in various digital products we are exploring the best way to serve them in this space," said the spokesperson.

At this point we have not reached a conclusion on the scope of our digital resource offering.

Other sources "with knowledge of the matter" confirmed to Bloomberg that Goldman plans to offer custody for the encrypted funds.

"This means that the bank will keep the new securities on behalf of the funds , reducing the risk for customers trying to avoid the threat of losing their investments in rogue attacks, "explains the publication.

Goldman's position looms with that of the a giant Blackrock, CEO of which Larry Fink said in July that "no customer" had sought exposure to cryptocurrency.

"The Herd Starts To Move"

If it were true, the announcement marks the second milestone for the cryptocurrency industry in a week, in the days following the Intercontinental Exchange announced that would create and launch a regulated digital assets platform, Bakkt, by November.

Already recently bullish on Bitcoin after the news, commentators have already greeted Goldman's renewed commitment to the cryptic zeal.

"After the bomb that was [Bakkt] it is natural for the rest of the herd to start moving," wrote fund manager Brian Kelly on Monday.

Goldman continued to remain cautious about the cryptographic assets themselves in the last few months, this week stating that it expects further price drops between short-term markets.

"We expect further declines in the future," the authors wrote in a mid-year report, adding that cryptocurrencies "do not meet any of the three traditional roles of a currency".

"In reality, we believe that they collect far more mainstream and social media attention than is justified," the report added.

What do you think of Goldman Sachs' plans? Let us know in the comments below!


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