Goldman Sachs announces Bitcoin trading

Global banking giant Goldman Sachs has announced new plans to start trading in Bitcoin.

The Wall Street heavy-weight also declared that the cryptocurrency “is not a fraud,” according to a report by the New York Times.

Earlier this week, we reported that banking rivals Morgan Stanley were working towards digital assets trades.

The American multinational investment bank was hoping to beat long-time Wall Street competitors, Goldman Sachs, according to insiders.

The announcement by Goldman Sachs sets them apart from their rivals, making them the first move forward publically.

Goldman Sachs will initially offer various contracts with Bitcoin exposure before they enter the trading arena.

One of the firm’s executives working with creating the offerings, Rana Yared, says the bank had been “inundated” with client requests.

Speaking to the New York Times, Yared said:

“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value’.

“…It is not a new risk that we don’t understand.

“It is just a heightened risk that we need to be extra aware of here.”

In response to JP Morgan CEO Jamie Dimon’s infamous comments on Bitcoin, she added that Goldman Sachs “had concluded Bitcoin is not a fraud.”

“We’ll get into it”

Despite the Goldman Sachs move into cryptocurrency, not all of the bank’s executives are ready to jump into the deep end just yet.

In December last year, during Bitcoin’s record highs, CEO Lloyd Blankfein said that Bitcoins “is not for me” during an interview.

Blankfield did earlier concede, however, that “if Bitcoin works, we’ll get into it.”

Since reaching record highs, only to fall dramatically before recovering to current prices, the cryptocurrency market has clearly proved that “it works.”

Speaking about her personal views on digital assets, Rana Yared concluded her statement saying:

“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world.”