Goldman Sachs CFO Calls Ditching Of Bitcoin As "Fake News"

Goldman Sachs clears the air about Bitcoin trading

I never thought I would hear myself use this term but I really have to describe that news as fake news," Goldman Sachs Chief Financial Officer Martin Chavez said on stage at the TechCrunch Disrupt Conference in San Francisco.
Source: CNBC - Kate Rooney

There is only one way to describe Goldman Sach's decision in yesterday's news: Fake news. A Business Insider Report released inaccurate information that may have led to the sharp drop in Bitcoin prices due to a sell off.

The CFO clarified that Goldman Sachs are working on non-deliverable forwards (NDF), very much similar to a futures contract. NDF trading applies mainly to national currencies. In Bitcoin's case, the BTC/USD is set to be established on exchanges.

"In response to client interest in digital currencies, we are exploring how best to serve them in this space," a Goldman spokeswoman told CNBC in October.
Source: CNBC - Kate Rooney

It is good news to hear that Goldman Sachs will continue to develop Bitcoin-related financial products. For Bitcoin to move forward, "there needs to be a safe custody solution".

“From the perspective of custody, we don’t yet see an institutional-grade custodial solution for Bitcoin. We’re interested in having that exist and it’s a long road,” Chavez said.
Source: CNBC - Kate Rooney

Image source: pixabay - Pexels

Bitcoin is still experiencing turbulent market prices due to its emerging technology that is yet to reach its full potential. Last month, ShapeShift CEO Erik Voorhees said, "the bear market is not over yet, but the low price range of major cryptocurrencies present a viable opportunity for new investors to come into the market." Source: cointelegraph - Joseph Young.

It is only normal that the mainstream remain receptive to newer technologies. This has always been the case for any emerging product before word gets out. Bitcoin is definitely "first-in-class". In the next move, replicate products follows trying to out compete the existing coins in the lead.

Wave after wave of successes and failures is a cycle of selection for the best cryptocurrencies that will remain in the market. It is also exciting to see what digital assets can deliver in the future. The current investors in cryptocurrencies are hence the pioneers, that paved the way for the future in blockchain.