Goldman Sachs will trade bitcoin futures for clients

Goldman Sachs will trade bitcoin futures for clients

Goldman Sachs is the second largest investment Bank in the global financial market after JPMorgan – will start to trade bitcoin futures contracts for its clients after their inclusion in the listing of major stock exchanges in the coming weeks.

From a source knowledgeable about the company’s plans for the trading of bitcoin futures, it became known that in the short term trades in these futures at Goldman Sachs on behalf of clients will be processed for each specific case.

Press Secretary Goldman Sachs Tiffany Galvin, in his statement said:

“Given that this is a new product we provide an assessment of the characteristics and risks inherent in contracts with bitcoin futures, as part of the standard due diligence process”.

The enthusiasm of the Director of Goldman Sachs

Lloyd Blankfein – Chairman of the Board of Directors and chief Executive officer of Goldman Sachs since 2006 – said: “if bitcoin will work, we’ll take him.” Last month in an interview with CNBC, Blankfein indicated that he is open to bitcoin, since a lot of assets and technology, which he considered “stupid and wrong”, justified. Blankfein said:

“I am open to such things bitcoin and cryptocurrency, because now a lot of things work really well, though I initially thought them stupid and wrong. I now more objectively evaluate this, and since I know the history of Finance, it may be noted that there was a time when people took only gold coins.”

Moreover, Blankfein said that in the beginning of the abrupt transition from the gold standard system to Fiat money was rejected and failed to implement. If bitcoin is a natural movement from cash to digital, Blankfein explained that bitcoin has the potential to become the next gold and the reserve currency of the world.

“Five-dollar gold coin was worth five dollars, because it was gold for five dollars. Then began to issue paper money backed by gold in the Treasury. Then one day began the issuance of paper money not backed by gold. They have no assurance that their return will be returned to you five dollars in gold. It is Fiat money. It was said that this piece of paper is worth five dollars, so it is five dollar bill, but a lot of people for a long time it was not accepted. But now they accept it without any questions. Some time passed, and the people at the sight of bitcoin say “it’s not Fitna currency, so I don’t trust her, and I don’t like it”. On the other hand, if it works, it can be a natural transition from cash to digital,” explained Blankfein.

Launch bitcoin futures on the CBOE 10 Dec

Two days later, on December 10, plans to launch a bitcoin futures at the Chicago Board options exchange (CBOE). Large investment banks and hedge funds such as Goldman Sachs and Man Group, plan to invest in bitcoin after launching a bitcoin futures exchanges, the CBOE and the CME, taking into account that the expected significant increase in the liquidity of bitcoin thanks to these two markets.

Goldman Sachs and its clients will most likely use trading platform bitcoin futures the CBOE and CME for investing in bitcoin until mid-December.

As Goldman Sachs and JPMorgan are optimistic about the growth of bitcoin as the new gold and reliable means of savings, other large banks and financial companies will inevitably follow suit.

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