Global investment bank Goldman Sachs (Goldman Sachs) has resumed its bitcoin trading platform and will begin processing bitcoin futures next week. According to reports, the company is also exploring the potential of Bitcoin exchange-traded funds (ETFs) and plans to provide cryptocurrency custody services.

  • Reuters reported on Monday, citing people familiar with the matter, that Goldman Sachs Group Inc. has restarted its cryptocurrency trading department. Goldman Sachs set up a cryptocurrency desk for the first time in 2018 after the bull market in which the price of Bitcoin fell from record highs, which led to a decline in investor interest in cryptocurrencies.
  • The publication conveyed that the service desk will “start trading bitcoin futures and non-deliverable forward transactions for customers from next week.” It will also undertake projects involving blockchain technology and Central Bank Digital Currency (CBDC).
  • According to Forbes, the crypto service desk will be located in Goldman Sachs’ global market department and will act as a market maker, buying and selling on behalf of customers, but will not actively manage the cryptocurrency itself.
  • The person said in detail: “The bank is also exploring the potential of Bitcoin exchange-traded funds and has issued a request for information to explore digital asset custody.” Currently, there are two Bitcoin ETFs in North America, which were recently approved in Canada.
  • As Bitcoin continues to outperform other assets, more and more companies are seeking to obtain investment in the cryptocurrency. For example, Microstrategy, which is listed on the Nasdaq, announced on Monday that “it bought approximately 328 bitcoins with $15 million in cash” and “now holds approximately 90,859 bitcoins.” In addition, there are now 42 companies collectively holding bitcoins worth more than $65 billion.
  • According to market data, the price of Bitcoin has risen by approximately 56% since the beginning of this year and is currently at $48,677.Lloyd Blankfein, the former chief executive of Goldman Sachs, recently warned: “If I were a regulator, I would overvent its success. [bitcoin]. At the same time, Jeff Currie, the current head of Global Commodity Research at Goldman Sachs, said that the Bitcoin market “begins to become more mature”, calling this cryptocurrency a “retail inflation hedge.”
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