Bitcoin, Bitcoin, Bitcoin. Everyone is talking about it, and for good reason; the value of it exploded in the last three to four years. It’s come a long way, considering when it first came out, it was associated with buying drugs on the online platform, Silk Road.
Anybody who was paying attention to internet culture and drug use around that time knew about Bitcoin, and possibly even considered buying some, when it was only valued around $8 per bitcoin around 2010. Those people are kicking themselves today, as the value of it sits around $9300US ($12000 CAD).
For the longest time, “legitimate institutions” like Goldman and Sachs have criticized it as being a “mere speculative bubble,” stating that it would be best to stay far away from it.
However, Goldman Sachs recently drank the Kool-Aid and announced they’re getting into the game. If they can make it happen, it’ll be the first time Bitcoin has been traded at a Wall Street Bank.
There’s no doubt that doing so will make the currency far more legitimate, considering G & S is one of the most established institutions in the game, despite the neverending criticism against them for their scandalous bullshit.
According to a report from the New York Times, they’re going to start using their money to trade with clients in contracts related to Bitcoin’s value.
At first, they won’t be buying and selling it, but are slowly moving in that direction. A big part of it depends on whether or not they get the regulatory seal of approval from the government.
They also have to figure out a way to handle all of the risks that come with it. One of the executives who is handling the operation claimed they have no magical steely-eyed vision of what will come to be.
Ms. Yared said they’re not “true believers” and don’t think that Bitcoin will soon replace the banking and currency system altogether. But it would be foolish not to tap into the market.
With its old connection to Silk Road in mind, the idea that G & S is getting into the game is actually kind of funny on some level considering just a few years ago the idea would’ve seemed insane.
Isn’t it funny how things change?