Goldman Sachs: Bitcoin Is ‘Very Intriguing’, But Awaits Government Clarity Before Any Investments
No one could accuse Goldman Sachs of not being a conservative bank. While the whole world is starting to participate in the crypto revolution, one of the largest banks in the United States is now confirming that they will not enter the game until it is too late.
According to a recent report of American Banker, Martin Chavez, the global co-head of securities at Goldman Sachs, has affirmed that the company will simply not become involved with Bitcoin at all until the tokens are finally able to get a “solid backing”.
What could this solid backing be? The endorsement of the government of the United States. That’s right, Chavez wants to wait until it is too late and they will not have any choice but to invest in BTC. A lousy decision if you ask me.
He has talked some positive things about the technology, though, as most bankers do. It seems like all bankers are always so interested in the technology but always so afraid of what Bitcoin represents.
According to the bank head, some actions of the bank currently take too long. With the help of the blockchain technology, they would simply be way easier to do and this is something that the bank is definitely interested in.
Chavez has also affirmed that he believes that cryptos will be something that will continue to exist, but he bets more on stablecoins than Bitcoin at this moment. According to him, a government-backed currency always has more market confidence, though.
He is certainly an enthusiast of sovereign money and the fact that BTC is not officially recognized or backed by the government of the United States is the aspect that worries him the most about Bitcoin's price and future value.
Because of this, he is interested in cryptocurrency and blockchain technology but also on some central party that could keep the prices stable and make it work better. This is, unfortunately, not always as good as it seems, when you remember the whole fiasco with Tether lending money to Bitfinex without actually being legally able to do it.
Rumors of Goldman Sachs Will Enter the Crypto Market Are Weakened Now
Now that one of the most important people in the company has affirmed that the company will not invest in BTC anytime soon it is the time for the rumors to stop.
We have seen many rumors lately affirming that Goldman Sachs was interested in creating a crypto desk. However, now we have the certainty that the rumors were never true. Chavez has personally affirmed that the desk is not going to happen, so it is better to just move on.
Other popular rumors included one that Goldman Sachs was about to enter the crypto custodial industry. However, these are all false rumors as well since the company never officially had any plans to hold any kind of crypto.
At the moment, the company does offer Bitcoin futures trading for clients but is not invested in Bitcoin in any kind.