It’s official – Goldman Sachs is working on new resources to offer investors the ability to get into Bitcoin and other cryptocurrency markets.
William Suberg at Cointelegraph reports that none other than Matt Taibbi’s “vampire squid,” the vaunted investment bank so famous, or infamous, for its previous operations, is putting together these programs in the near term. No word on how GS may let traders buy on margin.
In offering these crypto capabilities, Goldman Sachs is second in the pool after Morgan Stanley. While Morgan Stanley’s crypto options are due to roll out in April, Goldman says it will have its program online sometime in the second quarter.
Describing Bitcoin as a potential hedge against inflation, Mary Rich explained some of the reasons why investors might be looking to get involved in these digital assets. Rich is global head of digital assets for Goldman’s private wealth management division.
“There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space,” Rich reportedly said.
All of this may supercharge the sentiments of cryptophile investors, ideas echoed in an article called Ousting The Greenback back in June of last year by Kirill Bryanov:
“Today, a growing chorus of experts believe that the dollar’s hegemony might be in a decline,” Bryanov wrote at the time. “America’s diminishing share of world trade, the expansion of China’s monetary power and the anticipated digitization of national currencies can all potentially erode the foundations of the incumbent financial order. So, what role could prospective central bank digital currencies and decentralized currencies such as Bitcoin (BTC) play in shaping the new international monetary system?”
Now, the archived piece sits in the CT queue below today’s news. How far have we come toward the decline of the dollar?