The Wall Street giant Goldman Sachs announced that it will start selling bitcoin futures for its clients.
Goldman Sachs Group Inc. will be one of the first financial giants to offer bitcoin services to its clients. The New York Times reported that the bank will not start buying and selling the cryptocurrency instantly. At first, it will seek the approval from the US regulators to make the operation legal, and also to deal with the additional risks associated with holding the virtual currency.
“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world […] For almost every person involved, there has been personal skepticism brought to the table.” declared Rana Yared, one of the Goldman’s executives.
Yared declared that the company was skeptical about cryptocurrencies, but the executives decided to give it a chance since a lot of customers and hedge funds requested to hold bitcoin.
“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,” added Yared.
The Goldman executives have declared that they do not consider bitcoin a fraud, however, they do not think that bitcoin should be viewed as a currency. But more a commodity, or store of value because of its limited quantity and its mining feature.
While Goldman Sachs showed its reluctance on crypto on multiple occasions, the bank released a report in January 2018 called Bitcoin as Money.
The report was implying that Bitcoin could gain more recognition if it would be used as money. Goldman Sachs predicted that the digital currency will climb higher this year and it will surpass the records registered in 2017.
Although bitcoin will not replace the US dollar, according to the paper, the leading banks will start analyzing it seriously in the future and eventually, more companies will start to accept bitcoin payments.
Goldman will begin to trade bitcoin futures contracts in the next weeks on behalf of its clients. Furthermore, the bank will create a flexible version of the future, dubbed non-deliverable forward.