In an incredible adoption development for the entire cryptocurrency ecosystem, Goldman Sachs officially wants in on the crypto craze. That’s per a breaking news bulletin that has Goldman Sachs setting up a trading desk for bitcoin and other digital currencies by June 2018.
Goldman Sachs Jumps on the Bandwagon
Just as global cryptocurrency trading volume eclipsed the New York Stock Exchange’s daily volume of $50 billion USD, another astonishing milestone’s just materialized: Goldman Sachs is formally entering the crypto space.
Specific details are scarce for now, as Bloomberg News has only broke the following teaser:
“Goldman Sachs Group Inc. is setting up a trading desk to make markets in digital currencies such as bitcoin, according to people with knowledge of the strategy. The bank aims to get the business running by the end of June, if not earlier, two of the people said. Another said it’s still trying to work out security issues as well as how it would hold, or custody, the assets.”
To that last point, GS can look at systems like Coinbase Custody as a security model going forward.
2018: The Year of the Crypto
Goldman Sachs’ entry into the cryptocurrency arena is stunning but not surprising at this point. And the development is only the latest institutional maneuvering that suggests the global crypto markets are going to have an unprecedented uptick in 2018.
With new operations from companies like Goldman Sachs (whose total assets are over $860 billion), the proliferation of bitcoin futures products, and the popularization of cryptocurrency exchanges like Coinbase and Gemini, it wouldn’t be surprising to see the global cryptocurrency market cap top $2 trillion over the next 12 months.
And make no mistake: Goldman Sachs’ decision will inspire a slew of copycats. So Mike Novogratz’s “herd” is no longer coming, per se. It’s just finally arriving.
What’s your take on this breaking development? Do you think this is the most major adoption milestone the cryptocurrency space has seen yet? Let us know where you stand in the comments below!
Images via CNBC, Fortune