After praising Bitcoin’s epic rally in 2017 at around $20,000 in 2017, Goldman Sachs “betrayed” Bitcoin believers in May this year when the bank’s most sensitive analysts revealed a Buzzfeed style of “five reasons why,” they didn’t think of Bitcoin and cryptocurrencies. Be. thought of as an asset elegance in an attractive high-profile investor.
Now, Goldman Sach has appointed a new global director of virtual assets and, following in JPMorgan’s footsteps, would explore the possibility of creating his own blockchain-based reaction to bitcoin.
“We are exploring the advertising viability of creating our own virtual fiat token, however, we are at the beginning as we continue to paint on possible use cases,” Goldman Sachs’ new head of virtual assets, Mathew McDermott, told CNBC in an interview this week. .
McDermott fired JPMorgan’s head of virtual asset strategy, Oli Harris, CNBC reports, helping the bank expand its JPM Coin. Revealed last year, JPM Coin was the first virtual currency of a main bank and aims to increase and decrease the charge of foreign banknotes with Bitcoin’s distributed accounting blockchain technology.
“The right answer is, of course, with any technological progress, there will be an interruption of the existing quo,” McDermott said, emphasizing his goal of using blockchain to improve the pension, credit and loan market, and create the future. . – it analyzes the consortiums of the cryptocurrency and blockchain industry, adding that “there seems to be renewed interest in cryptocurrencies”.
“We have noticed an increase in interest among some of our institutional clients who are exploring how they can participate in this space.”
Earlier this week, studies through Chainalysis, a knowledge company on bitcoin, cryptocurrencies and blockchain, revealed that Wall Street giants were making even larger transfers of bitcoins and cryptocurrencies as institutional investors in North America accumulated in bitcoins and cryptocurrencies: the trend was just beginning.
While the bitcoin and cryptocurrency network has largely applauded Wall Street’s emerging interest in virtual assets, institutional adoption is feared to do the opposite of what cryptography was originally conceived.
“The exciting and cutting-edge thing of cryptocurrency is that it creates opportunities for other people from all walks of life to gain wealth,” said Catherine Coley, Binance.US’s lead executive, in email.
“The time has come for mass adoption: the increase in the value of bitcoin last week, the expansion of this industry during a blockade that has put pressure on almost every other sector of the economy,” Coley said, referring to the founder. stool. Sports blog, Dave Portnoy, recent invitation to cryptocurrency exchange founders Cameron and Tyler Winklevoss to bitcoin.
“By buying giant amounts of bitcoins, [traditional newcomers] are also preparing for a long-term in which users take over their finances.”
I am a journalist with significant experience in the fields of technology, finance, economics and business around the world. As the founding editor of Verdict.co.uk, I pointed out that