A few days ago it was reported that Goldman Sachs was considering getting involved with the trading of Bitcoin and other cryptocurrencies.
The reasoning was reported to be client demand.
It appears there was certainly some truth to those rumors:
Lloyd Blankfein (CEO of Goldman) went to twitter to announce that he is certainly considering his options regarding Bitcoin, though nothing was finalized at this stage.
You mean not all Wall Street banksters think alike?
Blankfein's thoughts on cryptocurrency and Bitcoin come in stark contrast to Mr. Jamie Dimon's from a few weeks back.
I guess even friends sometimes see things differently...
Either way, this is overwhelmingly positive news for the entire space as Goldman could bring in many new dollars to the space.
The fact that Goldman is even considering getting involved is good news.
The last line of the tweet was the most interesting/telling to me.
"People were also skeptical of paper money when it displaced gold"
If that isn't a hint at which direction Blankfein is leaning, I am not sure what is.
Clearly he is thinking that this could possibly disrupt paper money at some point and is looking at all the angles because of it.
It's impossible to stop an idea whose time has come...
Stay informed my friends.
Sources:
https://twitter.com/lloydblankfein
Image Sources:
https://twitter.com/lloydblankfein
https://dealbreaker.com/2017/01/lloyd-blankfein-jamie-dimon-similar-tune-dodd-frank/
Follow me: @jrcornel
Hi ,
Thanks for the great content
It was amazing report to me
@coinlend I agree with you. @gold84
If they say they are going to invest in them, they are probably going to manipulate the market into making bitcoin sink and they will be shortening it. Always think opposite to what the big money let's out. They wouldn't tell you the truth ever. They want your money, conflict of interest.
One of my main questions too. Will institutions come into the market and simply play with derivatives (so they can tell clients they do not hold "volatevil" crypto)? Or will they want to own the underlying asset so as to not be the odd man out should crypto moonshot?
My thinking right now is that they will short the market (once options come out later this year), buy the underlying asset on sale, and then look to flip at the top. Rinse and repeat. In this process, they will undoubtedly hold the underlying asset for longer term in case of a moonshot (and as a possible hedge to broad market decline). By doing so they will inevitably add more overall liquidity to the market which makes for more appreciation in the long run. What do you think? I plan to write a post about this very soon. Still structuring my thoughts.
I would bet that they would trade mostly the derivatives, however, they will probably own some of the underlying at some point.
Shorting it adds liquidity and it ultimately adds upward momentum when they eventually get squeezed.
yeah seems like Mark Cuban is following the same strategy, blow off the cryptos, and buy in the meantime.
It should also cut off some of the downside volatility. Pitty really they are usually great buying opportunities.
@jrcornel a week ago I was thinking about this thing of Jamie Dimons bringing Bitcoin down with his non-fundamented words, and that Goldman Sachs was doing just the opposite. Thanks for sharing this great content. I agree with @coinlend thanks for sharing. @gold84
I agree @gold84
First they tried to stop crypto by filing in the patents, imagining the death of BTC like 150 times so far and scaring people away from investing. Crypto is slowly becoming a main mainstream and Blankfein smells a profit. He has a lot of smart people working for him. Can't wait for his next move
"People were also skeptical of paper money when it displaced gold"
Well... Yes of course they were. Because 'paper money' Fiat currency. DOESN'T Work.
Atleast crypto is backed by a cap on amount of coins.
Paper money has nothing backing its value. It will be inflated to the moon until its worthless.
Fiat currency always fails. Always has done in its entire history. Just a matter of time.
Great post :)
good post
nice job
Bitcoin forever!
it's becoming very interesting. Let's wait next events.
Bitcoin is changing the world as we know it!
The controversial American investment bank is studying the possibility of buying and selling bitcoins and other virtual currencies. For its part, the CEO of the bank JPMorgan Chase predicted its implosion.
Thanks, and you know, is some countries paper banknotes are not allowed! Just because of the coating made from animal fat..... so coins are heavy, let them buy crypto, and a lot 😊
Haha agreed! Thanks for the info, I had no idea!
nice
Sometimes it reminds of the saying watch and follow their strategy for what they do and not what they say.
Yes, its a very strange tweet for an investment bank CEO to put out because it is not saying anything. Just shows indecision which is not the mark of a leader. So he must be using it as a trial ballon for all his establishment clients. He wants to see what kind of a backlash it will create. Thanks for the info!
Not sure, but hopefully his clients keep demanding cryptos!
"People were also skeptical of paper money when it displaced gold." So true, what happened to the gold standard again? Thanks for the post.
That is some of the most enticing pieces of information I have read in a long time. That is a powerful individual with a lot of influence.
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Thanks for the information. It will help us to know the things that are going on..
I am resteeming your post..
I believe that big business owners and multinational firms like "Blackstone" are threatened by what they can not handle. Large corporations become so powerful that governments can not stop them, and if they begin to lose control of fiscal assets, their supremacy over governments will simply end.
Thanks for sharing @jrcorne
Thanks for this content, investing in bitcoin will really increase the market value of bitcoin
Oh My Lloyd! That is good news, as more people will get into crypto.