Is Goldman Sachs the Latest Bank to Jump on the Bitcoin Bandwagon?
Bitcoin is slowly permeating the institutional space as we saw this month the billionaire investor Paul Tudor Jones investing almost 2% of his assets in Bitcoin and called it an inflation hedge.
Just a few days before the bitcoin halving, he shared his belief that bitcoin will play a “growing role” in the “The Great Monetary Inflation,” which will be an “unprecedented” expansion of money, unlike anything the world has ever seen.
And, “It's not a surprise large players are using the CME to get exposure. They're not stacking sats on the cash app,” said analyst Ceteris Paribus.
This month, JP Morgan also started providing its banking services to two bitcoin exchanges Gemini and Coinbase, taking a U-turn from its CEO Jamie Dimon labeling bitcoin as “fraud.”
Implications of Current Govt. Policies on Bitcoin
The next bank to join the Bitcoin bandwagon looks to be the investment banking giant Goldman Sachs whose latest client conference call involves Bitcoin, a subject Wall Street has long been shrugging off.
As per the Goldman Sachs’ invitation to investors, the bank is having a client call on US Economic Outlook & “Implications of Current Policies for Inflation, Gold and Bitcoin.” Set for May 27 at 10:30 am EST, the conference call is its fifteenth in a series on macro-economic and financial trends.
Goldman Chief Investment Officer, Sharmin Mossavar-Rhami who said Bitcoin has no value in 2018 will be hosting the event along with Jan Hatzius, a Chief Economist and Head of Global Research at Goldman Sachs and Jason Furman, an economics professor at the Harvard Kennedy Business school.
The invitation doesn’t reveal any other information about the event but the title conveys that the call is going to discuss how central banks’ policy and the risk of monetary inflation could impact gold and bitcoin.
In the first quarter of 2020 alone, the Federal Reserve printed more than $3 trillion, expanded its balance sheet to surpass $7 trillion, and cut down the interest rate to zero.
And although it is just a webinar, the big thing is people who have been shooting bitcoin down are now taking it seriously.
Lot of ppl shooting down the latest $BTC news
"Renaissance isn't holding, just trading futures"
"PTJ isn't holding btc, just cash futures"
"JPM banking w/exchanges is just so they can make money"
"Goldman thing is just a webinar"
It's being taken seriously, that's what matters
— Ceteris Paribus (@ceterispar1bus) May 22, 2020
Analyst Paribus also noted that this week, the CFAinstitute’s annual conference also had Bitcoin come up on at least 3 separate occasions.
“This never would have happened before. It's being discussed alongside gold now,” he said.