RATE Group | Wall Street Won’t Save Bitcoin
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Wall Street Won’t Save Bitcoin

06 Sep Wall Street Won’t Save Bitcoin

Posted at 22:11h in Bitcoin News by

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Photo Credit: Getty Royalty Free

Bitcoin is down about $1,000 – from almost $7,400 to just over $6,400 (according to Bloomberg) after Goldman walked back plans for a crypo trading desk, according to various reports.

I was always skeptical that Goldman or any other big bank had near-term plans to launch a cryptocurrency trade desk.  Explore it? Heck yes. Why not when crypto was all the rage.  But actually start one when there is so much uncertainty surrounding price, transparency and custody?  Maybe before the financial crisis, opaqueness was a virtue when Wall Street was examining a business, as it made the potential for profit higher.  But now, after LIBOR and other scandals rocked many financial firms (and in some cases led to large fines), I would expect Wall Street to be very cautious about new products.  That is especially true when interest…

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