Goldman Sachs Bitcoin Adoption Could Boost Bitcoin Price

Goldman Sachs is deliberating a plan to hold bitcoin and other digital currencies on behalf of other funds betting on cryptocurrencies.

Well!! Rumors already making rounds on the media indicate that Goldman Sachs could be working on Bitcoin fund as its next venture.

Goldman Sachs Said to be Building a Cryptocurrency Fund

Cryptocurrency experts all over the globe predict that bitcoin could be en route to a major recover should Goldman Sachs adopts the Cryptocurrency. This move would see the banking institution deal in bitcoin and other cryptocurrencies for the first time. Some bitcoin analysts predict that the bank’s actions will cause positive movements in the cryptocurrency markets. However it is due to increased investors interests.

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According to a source inside the bank, there is still no set deadline for the launch of the cryptocurrency fund. Direct reports from a Goldman Sachs Spokesman was quoted as below,

“In response to our client interest in various digital products, we will be exploring how best we could serve them in the cryptocurrency space. At the Moment we have not reached a conclusion on the possible scope of our digital asset products”

In earlier May this year, the bank expressed interest in cryptocurrency and rumors stated it was setting up a bitcoin trading desk at its offices. This would make Goldman Sachs the first Bank to set up a cryptocurrency trading desk.

Bitcoin Analyst Think Bitcoin Could recover if Goldman Sachs Venture in a Bitcoin Fund

Cryptocurrency analyst Mathew Newton of eToro online trading platform revealed that the news could not be a very big surprise to people who pay attention to cryptocurrencies.

Recently bitcoin experience a month-long price rally, which crushed to a halt at the beginning of this month. The cryptocurrency price dropped by about 15 percent in just 7 days. Despite the negative random price movements, experts are still optimistic on bitcoin future.

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Image Source: Goldman Sachs

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Jacob Okonya

Since 2013, Jacob has been engaged in blockchain technologies, Bitcoin, and fintech. He worked mostly as a blockchain market researcher, fintech journalist, and online forum moderator.Jacob has contributed to blockchain, Bitcoin, and fintech news articles, for coinidol.com, bitcoinira.com, and other various channels. Jacob’s vision is to disseminate information, contribute to business marketing, and develop the cryptocurrency industry. At STREAMITY exchange, Jacob is involved in creating articles and educational content for different project components, explaining how users can utilize the various resources. 39RTAmNRLQh3tLn5TJy6yY578vDVQuFVZw

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