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Goldman Sachs Concludes That Bitcoin ‘Is Not A Fraud’ And Reveals Plans For Trading

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Goldman Sachs says that Bitcoin is not a fraud and revealed plans to trade crypto, according to New York Times.

This move definitely sets the investment banking giant apart from its Wall Street competitors.

Goldman will initially offer various contracts with Bitcoin exposure before making its entrance into the trading arena.

“…It is not a new risk that we don’t understand. It is just a heightened risk that we need to be extra aware of here.”

Goldman Sachs was reportedly flooded with requests 

Rana Yared, an executive involved in creating the offerings, commented on the decision and claimed that the bank was practically flooded with client requests.

“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,’” she told the publication.

“…It is not a new risk that we don’t understand. It is just a heightened risk that we need to be extra aware of here.”

“Goldman had concluded Bitcoin is not a fraud.”

She also said that Goldman “had concluded Bitcoin is not a fraud,” and this is a really significant statement in an industry where competitor JPMorgan CEO Jamie Dimon’s infamous description of Bitcoin still floats around.

On the other hand, Goldman CEO Lloyd Blankfein has also publicly stated that Bitcoin “is not for him” during its all-time price highs back in December 2017, and Yared seemed really quick to dispel any myths that the bank was a ‘Bitcoin believer’ back then.

“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world,” she added.

“For almost every person involved, there has been personal skepticism brought to the table,” she concluded.

Anyway, Goldman Sachs public decision to begin trading soon will have a significant influence on the market.