It doesn't matter if this is fake news or real news.Why do forum members care about Goldman Sachs?
Some naive people here still think that Goldman sachs is about to pump the bitcoin price(or any altcoin price).
This is totally wrong.GS is going to exploit the cryptomarkets,take the profits and participate in the future crypto destruction.
Well the general idea is that when big money wall street rolls into town Bitcoin will skyrocket. Goldman Sachs opening a trading desk is one of the first examples of wall street getting into the market. Sure Wall St entering crypto does nothing for cryptocurrency itself in terms of usage, but for investors which, lets face it, is the reason why Bitcoin is popular so far, Wall St big money coming in means we get rich. Sure they will exploit it to make money, but they have to buy in first. A trading desk means their clients get access to Bitcoin through a company they are familiar with. It simply just means new money will come into Bitcoin which obviously will have a positive effect on price.
the question is do you honestly think that the "big money wall street whatever..." is waiting for Goldman Sachs, SEC, etc to come in bitcoin and has not done it yet? I don't think so.
besides I do believe that this "big money" that you are talking about which would be belonging to wall street guys is only aiming for making profit and making profit does not require price rise. it can actually be a huge drop while they short bitcoin, use Futures, ... to make a lot more profit and do it in a safe way away from exchanges!
so I wouldn't be so happy about them entering the market if I were you
Yes absolutely I honestly think big money has not come in, because the amount of money that is currently in Bitcoin is absolutely nothing compared to what the big money can throw around, so they can't possibly be in Bitcoin to any significant degree. Do I think a small amount of Wall St firms have put a tiny amount of their money in, yes, though that was more likely towards the end of last year which helped with the run-up. If any significant amount of big money was in Bitcoin right now we'd know it because we'd be hitting ATHs now. I don't think you understand how much money they have to throw around, the entire crypto market right now at $200B is nothing compared to the type of money Wall St big money could collectively throw around if they were in the game in any meaningful way. Manipulating the price around by a few hundred dollars or a thousand dollars can be done by a single very wealthy person or a small fund. Trust me, big Wall St money hasn't even dipped their toes in yet, when they do you'll know.
And I'm not sure why you are talking about Futures. I'm talking about them actually getting into crypto. Futures are not "getting into crypto/Bitcoin" so that's not even part of the conversation. We're talking about trading desks and ETFs, etc that actually deal with Bitcoin, not financial products that are bets on Bitcoin's price and have nothing to do with the actual Bitcoin. Some investment firms are talking about futures only stuff right now, but some are talking about actual Bitcoin. Goldman Sachs is talking about actual Bitcoin, which is why a lot of the work they are doing now is building custody solutions for storing the Bitcoin their clients buy through their trading desk. Essentially they are working on their own Coinbase to service their clients with.
And yes the price has to go up because they have to buy in in the first place.
And no big money is not waiting for Goldman Sachs to enter Bitcoin. Not sure why you would even bring that up. Goldman Sachs is simply the first major Wall St firm to say they are building actual Bitcoin trading services for their clients. No one is waiting for them, they simply represent the head of the pack right now at least in terms of "big money" Wall St players that have publicized that they are indeed working on full service crypto (not futures) investment solutions.
