Goldman ording to Forbes, Goldman Sachs will postpone the launch of the cryptocurrency currency counter indefinitely, which was announced in December 2017 when cryptocurrency prevailed. This delay is due to the lack of corresponding laws and regulations, and the cryptocurrency industry is still in chaos. Why does the bank go out of the way, and a scene in “Psychic Pitcher” is a good illustration of the bank’s attitude toward cryptographic assets.
In the film, 40 -year-old high school science teacher and baseball coach, Jack Morris, participated in a public trial of the Major League Baseball. After the trial, he and the scouts exchanged:
Scout: How fast are you throwing in a day?
Quaid: Slow enough to make the scout not use the word fast.
Scout: You just threw 12 balls in a row at 98 mph.
Quaid: No way …
Scout: Listen … If I call the office and tell them that I have a player who is twice as old as the other, I will be laughed at, but if I don’t call, I will be fired.
Many managers, innovation managers and digital strategists around the world face similar dilemmas: if they suggest or recommend their institutions to get involved in encryption assets, they will be ridiculed or even despised. In fact, earlier this year, most major credit card issuers banned users from purchasing encrypted assets after discovering that users were unable to repay their debts. The reasons are as follows:
- Unfinished legal structure prevents management from being able to regulate
- Many ICOs are fraudulent, they will never honor Goldman promises
- Lack of clearly defined cases as a reference
- Many customers lost money last year, causing subsequent credit losses
However, the cryptocurrency has not stopped. During the last bull market, Bitcoin has reached 2 million US dollars, the overall encryption currency market capitalization of 7000 billion dollars. This rise has aroused widespread interest from the media and the public. According to a study published this summer by Coinbase, 18 % of college students have at least some cryptocurrency. In addition, in order to profit from the “ emerging wealthy ” customer base, emerging financial technology challenges such as Square, Revolut, and Robinhood are providing encryption technology.
Therefore, although agencies still have reservations about the cryptocurrency market, they have tried to get involved in this field through research. E.g:
- Last month, Morgan Stanley hired Credit Suisse ( at Credit Suisse ) is a former banker as a ” digital asset markets director “
- In May of this year, JP Morgan Chase established the Goldman of the head of the encryption asset strategy.
Goldman Sachs ( Goldman Sachs ) more ambitious. The bank formed an internal staff team specializing in research within its currency trading department. Subsequently, the bank announced in December 2017 that it plans to launch a cryptocurrency trading counter, which should have been in operation this summer. This move is to liquidate the bitcoin futures offered by Cboe Global Markets Inc. and CME Group Inc. The market reacted fiercely. Bitcoin fell 5.3percent yesterday and fell from nearly $ 7,400 to less than $ 7,000 in about two hours. What do these mean for the future of Goldman Sachs and cryptocurrencies?
Overall, this confirms the phased growth and stagnation of cryptocurrencies.
For example, despite the delay in the plan, Goldman Sachs did not completely exit the encryption market. Goldman Sachs can start trading counters at any time in the future. In addition, it will now focus on other public-facing services, such as regulation. This is a very important part that can provide investors with protection and eliminate doubts. Banks may continue to conduct due diligence in this area and focus on areas such as regulation to ensure a more stable and open cryptocurrency market.
[su_quote]This article is writing on 07 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]