Shortly before starting the last big bullish rally in the price of Bitcoin, Goldman Sachs was one of the most frontal institutions in its rejection of cryptocurrencies. Leaking internal company documents where BTC was referred to as a speculative asset with no real value. However, after several months of constant growth in the crypto market, Goldman Sachs surrenders to Bitcoin as Anthony Pompliano comments in the Tweet of the day:
Goldman Sachs restarts Bitcoin trading
Probably one of the sweetest wins for the crypto world is the latest move by Goldman Sachs. And the fact is, the financial institution is restarting its cryptocurrency trading service for its clients. Which will be able to carry out operations with future contracts and other non-physical products linked to the price of Bitcoin.
This is not the first time that Goldman Sachs has established such a service. Well, already in 2018 the bank had launched for the first time the option of trading futures contracts for its clients. However, it came when the price of the cryptocurrency began to fall, after the great bullish rally of 2017. This ended the interest of investors in this type of products, leading to the suspension of the service.
However, on this occasion the institutional strengthening of the crypto market seems to be a solid foundation to guarantee the relevance of Bitcoin in the long term. Leading Goldman Sachs to restart its service just a few months after calling Bitcoin a worthless speculative asset. What is pointed out by Anthony Pompliano through his Twitter:
«URGENT NEWS: Goldman Sachs has restarted its cryptocurrency trading service and will begin offering #Bitcoin futures and undeliverable forwards to clients, according to @annairrera. Everybody wants to get into the best performing asset».
Thus, Goldman Sachs surrenders to Bitcoin, joining the group of banks that have decided to enter the crypto market, trying to profit from the increase in the price of BTC. A movement that, in addition to being positive for the crypto influencers who predicted it for years. It also institutionally strengthens the crypto market.