Goldman Sachs Considers Allowing Bitcoin Trading

by | Oct 4, 2017

Clearly the top brass at Goldman Sachs haven’t been listening to JP Morgan Chief Jamie Dimon. When he said that Bitcoin was a ‘fraud’ and ‘worth nothing’ in September, the price of a single Bitcoin plummeted, but now the Wall Street behemoth Goldman is said to be weighing potentially allowing its investors to trade Bitcoin directly.

Speaking at a CNBC conference last month, Dimon bemoaned any idea that JPM would allow its traders to deal in the currency, saying he’d “fire in a second” any trader caught making deals with it. Regardless, Goldman Sachs is said to be thinking over the possibility of letting its investors trade in the cryptocurrency, making it the first major Wall Street firm to do so.

It’s speculation at the moment, but a spokesman for the company said: “In response to client interest in digital currencies we are exploring how best to serve them in this space.” The move could be significant for the cryptocurrency market, as the validity of these new unregulated currencies has been called into question by those in the traditional financial services industry, as well as governments across the world.

HOW IS BITCOIN FARING?

Comments from Dimon as well as a cracking down on Bitcoin exchanges and ICO’s by the Chinese and South Korean governments sent the value of the coin spiralling below $3100 in mid-September. Today prospects look more bullish, with BTC trading at $4,300. Government interventions and a ‘split’ in the Bitcoin community have not been enough to knock its value off-course for long, though more regulation may stifle it in future.

Want to learn more about the markets and how to become a better investor? Join our mailing list and get all the latest market news and insights.

Put what you learn into practice by downloading the Invstr App.

ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order. Brokerage services, including fractional trading of US securities, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here. Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.

Download on the App Store           Download on Google Play

ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:

Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order. Brokerage services, including fractional trading of US securities, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here. Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.

Share This