Bitcoin is sinking and taking all alt coins down with it, it seems. The price of the “people’s currency” is going down and has reached a price level of $6,900 according to CoinDesk. In December 2017, the price of Bitcoin reached $20,000. Back then, a lot of investors were bullish on the future of Bitcoin.
Goldman Sachs was also rumoured to be launching a cryptocurrency trading desk when the craze on Bitcoin was high. According to some media sources, the investment bank has been working on the actual set-up of the trading desk even in June 2018. However, now as the price is sinking, the question remains: Is the world’s largest investment bank going to “bail out” of cryptos?
According to a report from Barrons and Business Insider, Goldman Sachs is probably going to back out of the cryptocurrency business mostly because there is no clear regulatory framework on the alt coin market. So for now, it seems, Goldman is putting a halt on their cryptocurrency plans. Barrons reported:
“Executives have concluded that many steps still need to be taken, most of them outside its control, before a regulated bank would be allowed to trade cryptocurrencies.”
While there might be some confusion as to when Goldman will make a move on cryptocurrencies, the firm is definitely looking for digital solutions for their customers. A representative from Goldman said they are constantly looking for ways to respond to clients’ digital needs.
As the price of Bitcoin is sinking and the fact that the SEC rejected a total of nine Bitcoin ETFs may be all reasons for financial institutions to postpone cryptocurrency “revolution” in their houses.