Bitcoin Forum

Elite Investment Bank Goldman Sachs to Clear Bitcoin Futures for Clients

According to Bloomberg, Goldman Sachs will be clearing Bitcoin futures contracts for at least some clients when futures markets go live on December 10 (CBOE) and December 18 (CME). This is major news, since the soon-to-be-released futures markets are of little use without banks and brokerage firms actually using the platforms to trade.

Goldman joins brokerage firms TD Ameritrade and Ally Invest in offering clients access to the new Bitcoin futures products. Even serial-naysayer JP Morgan Chase is considering offering Bitcoin futures to clients.

Bloomberg cited an unnamed source “with knowledge of the firm’s plans,” saying that Goldman Sachs will be offering client trades on a case-by-case basis. Tiffany Galvin, spokeswoman for Goldman, wrote: “Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process.”

Readmore https://cointelegraph.com/news/elite-investment-bank-goldman-sachs-to-clear-bitcoin-futures-for-clients

I think they really have no choice. Bitcoin is the hottest asset class in town and clients are going to ask Goldman where they stand on it. Goldman can offer no real reason why they shouldn't offer bitcoin futures to their clients.
I am sure JP Morgan will follow suit and cannot afford to be left behind.

It just shows how much demand there is for this market from the side of professional and wealthy players. I constantly see the mainstream media talk about institutions being able to short Bitcoin bla bla bla.

In a market being this bullish, shorting Bitcoin is pretty much suicidal, and for that reason I believe that at least in the very short term, there will be no shorting, or else they look to get themselves burned.

Other than that, I am looking forward to CBOE's start on the 10th of December. If things go as they are right now, we might see them open the market at +$20,000, which could give this market a major boost towards $30,000.

These people can smell the scent of money from afar but since they are also very careful in dealing with Bitcoin with many of them even pessimistic on the long-term viability of this cryptocurrency they decided to just wait and see until the demand from their clients is getting too large to ignore. Eventually, I am projecting that every financial institutions would be offering some sort of a product or service connected to Bitcoin directly or indirectly as this has been a trend they could not anymore ignore. As the saying goes, the more the merrier...the better if I may add. Now, with the company where Jamie Dimon is the head, already considering opening its doors to Bitcoin Futures, we can finally say that legitimization has now started and soon there is a possibility that SEC would finally approve the applications for ETFs. With this scenario as the backdrop, there are many wondering if we should be ecstatic or cautious as we could not be sure of what can happen to Bitcoin with of these market forces already converging. Let's watch and see.