Cryptocurrencies continue to be attractive to many large firms and investors, as digital assets’ popularity is at a high. Many global financial and investment firms like JP Morgan have recently continued to tout around the idea of offering cryptocurrency-tailored services. These large corporations’ interest in offering crypto services is believed to be fuelled by customer demands and the fact that many are interested in gaining exposure to the crypto market. Fortunately, Goldman Sachs is the latest of such ventures, as new reports suggest that the global financial firm is set to open its arm to cryptocurrency trading again.
Goldman Sachs did a U-turn in 2018
The idea behind the sudden interest in cryptocurrencies by many firms of Goldman Sachs and JP Morgan caliber is believed by many analysts to be fulled by the growth of the market, which had doubled in barely 24months. Cryptocurrencies didn’t get this much interest at least five years ago, as many ignored the unpopular. However, a rise in fortunes of many of its digital assets like Bitcoin and Ethereum had now shifted the eye of many into space.
However, it is also worthy to note that this is not the first time Goldman Sachs has touted the idea of crypto trading services, as the financial manager had previously flirted with the idea in 2018. Unfortunately, the idea did not come into realization, primarily due to a slump in the fortunes of Bitcoin the same year. Fortunately, according to reports, the firm is now willing to offer Bitcoin futures contracts services later this month. As proposed by Goldman Sachs’s new offering, the idea behind a Bitcoin futures contract means that its investors go into a legal agreement to buy the product in the future at a particular price.
Goldman Sachs to increase public interest in cryptocurrency
The global firm’s decision to offer Bitcoin futures contracts to its customers and the public is believed by many to further increase the fortunes of the cryptocurrency market, with Bitcoin at the center of attention. However, while they are not the first to provide such services, financial firms like Fidelity, CME Group, and Intercontinental Exchange have all done something like that recently.
Goldman Sachs’ impact in the market will be felt, as they are one of the most trusted investment firms in the world, where investors believe they can get value for their money. It is also worthy to note that the firm has not confirmed if it will be offering such services for Ethereum, the leading altcoin and the second most valuable cryptocurrency. However, the firm will be hoping that Bitcoin, whose fortune has suffered a sort of dip in the last one week, can bounce back fully.
After its shocking $10,000 drop-in fortune last week, Bitcoin has continued to struggle to gain back some momentum and currently trades at about $48,862. On the other hand, Ethereum, which Goldman Sachs currently overlooks, has also suffered the same fate as its predecessor. The altcoin has also dropped in fortunes and currently trades at about $1,559, amidst a market correction.