Is Goldman Sachs Really Building Crypto Trading Desk? CEO Response

No, Wall Street’s biggest firm is not setting up a trading desk. Earlier, reports revealed that Goldman Sachs were building their crypto trading desk but on Wednesday CEO David ‘DJ” Solomon denies the claim and states that the reports were incorrect.
Rewinding History
When Bitcoin was mounting in Dec 2017, Bloomberg media had published an article stating that ‘Goldman is setting up a cryptocurrency trading desk’, however, Bloomberg mentioned that the reports were confirmed by ‘people with knowledge of the strategy’ and claims that business may begin by the end of June 2018.
However, later, in mid-2018, BusinesInsider media published a new report stating that the firm had pulled off its plan to launch a trading desk. The media also highlights ‘the plan is downgraded due to regulatory uncertainty towards Bitcoin and crypto industry’. Before these reports fueled on the web, Goldman’s former CEO Llyod Blankfein had shared mixed statements around ‘Cryptocurrency and Goldman’. He tweeted as;

Nevertheless, on April 10, 2019, Goldman Sachs’s present CEO ‘David ‘DJ” Solomon’ addressed a U.S. House of Representatives panel and put an end to this propaganda. He adds that the company had no such plans yet and says that the original Bloomberg article contains ‘inaccurate information’. In Solomon’s words;
“First, that Bloomberg article was not correct. Like others, we are watching and doing work to try and understand the cryptocurrency market as it develops.
Solomon addressed the community and said,
“We have some clients that have certain functionality that we’ve engaged with on clearing physically settled futures, but other than that we never had plans to open a cryptocurrency desk.”
On top of all, concerning the regulatory uncertainty, Solomon adds that;
“We might at some point [explore a desk] in time, but no question when dealing with cryptocurrency it’s a new area, there are a lot of issues…unclear from regulatory perspective and it’s not clear in the long-run if those currencies will be viable.”
Also Read: Binance CEO Issues Warning to Delist Bitcoin SV, Joins the #WeAreAllHodlonaut Movement On Twitter
Headquartered in New York City, Golmand Sach Group Inc., is an American Multinational Investment bank and financial service company, falling in competition with J.P. Morgan Chase & Co., which has recently announced the launch of its own cryptocurrency – JPM Coin.
The post Is Goldman Sachs Really Building Crypto Trading Desk? CEO Response appeared first on Coingape.
Source: CoinGape

Netflix (NFLX) Stock Price Could Almost Double in a Year, Says Goldman Sachs Analysts

Coinspeaker
Netflix (NFLX) Stock Price Could Almost Double in a Year, Says Goldman Sachs Analysts
Goldman Sachs analyst is sure, Netflix (NFLX) stock is all set to soar 80% in a year from now. Here’s a look into how Netflix will lead the video-streaming industry which is likely to see stiff competition in the next few years.
Netflix (NFLX) Stock Price Could Almost Double in a Year, Says Goldman Sachs Analysts

Continue reading at Coinspeaker
Source: CoinSpeaker

Two ‘Major US Banks’ May Soon Issue Own Cryptos on IBM World Wire, Is Ripple Under Threat?

Coinspeaker
Two ‘Major US Banks’ May Soon Issue Own Cryptos on IBM World Wire, Is Ripple Under Threat?
IBM announced that two major US banks may soon offer their own cryptos on the IBM World Wire amidst growing concerns that Ripple’s dominance in this global remittance space may be under threat.
Two ‘Major US Banks’ May Soon Issue Own Cryptos on IBM World Wire, Is Ripple Under Threat?

Continue reading at Coinspeaker
Source: CoinSpeaker

Alluva Set to Increase Transparency in the Crypto Ecosystem via Its New Blockchain-Based Product

CoinSpeaker
Alluva Set to Increase Transparency in the Crypto Ecosystem via Its New Blockchain-Based Product
Alluva launches its blockchain based, cryptoasset prediction product that incentivizes users to increase transparency in the ecosystem.
Alluva Set to Increase Transparency in the Crypto Ecosystem via Its New Blockchain-Based Product

Continue reading at Coinspeaker
Source: CoinSpeaker

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

CoinSpeaker

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

Grayscale revealed that Bitcoin products were invested in most, with 66 percent of inflows received from institutional investors.

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

Continue reading at Coinspeaker
Source: CoinSpeaker

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

CoinSpeaker

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

Mike Novogratz has announced once more that he is confident bitcoin will become a store of value in future even overtaking gold for that purpose to become the ultimate digital gold.

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

Continue reading at Coinspeaker
Source: CoinSpeaker

Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

CoinSpeaker

Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field saying that he doesn’t understand why large macro funds don’t have a 1% position in Bitcoin (BTC).

Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

Continue reading at Coinspeaker
Source: CoinSpeaker

Is It #BUIDL That Will Decide Next Amazon of Cryptoworld or Most Cryptocurrencies will die?

While all investors are hunting for the coin or token that will multiply their wealth manifold, CZ has come forward asking investors to look into their portfolios and identify the coin whose teams are actually working and progressing on their respective roadmaps.
Not everyone will survive this crypto craze say crypto experts
Discussing which coins and projects would sustain, CZ spelled out Twitter that when the market turns back to its bullish days and move towards its all times highs again, a lot of coins that were created and raised money through ICO’s will reach zero and die. According to CZ its, only the teams that are working and #Buidling will ultimately prove winners and these are the coins that will make money for investors. CZ also asks investors to review their holding and eliminate the coins and tokens whose teams are not progressing with their works.

When markets do go back up that doesn't mean all projects will.
A lot of coins with no development will die.Review your holdings. Make sure teams are WORKING👀 https://t.co/sikvGBNzY9
— CZ Binance (@cz_binance) February 10, 2019

CZ’s tweet is a clear indication that projects that put in the effort will ultimately survive to bring the dawn of decentralization and cryptocurrency to this world. And it’s not just CZ a lot of research and personalities in the crypto world have said the same.
In July, last year, a research conducted by Boston College academics reveals that most crypto startups that have raised money via initial coin offerings (ICO) and crowdfunding have a pretty short lifespan and most projects do not survive even 120 days which is 4months from their launch. The research was conducted by authors – Hugo Benedetti, assistant professor at the Carroll School of Management and finance Ph.D. student Leonard Kostovetsky.
The authors based their analysis by studying the official Twitter accounts maintained by these projects and their founders. According to the report, the authors estimated that the survival rate of the startups, 120 days after the end of the sale, was only 44.2%. The assumption is that companies that are inactive on social media in the fifth month most probably did not survive. The report covered almost 2,400 ICOs and examined over 1,000 Twitter accounts.
A similar sentiment was put forward by Goldman Sachs early last year, its Head of Global Investment Research and Chair of the Global Markets Institute, Steve Strongin mentioned that Most digital currencies are unlikely to survive in their current form, and investors should prepare for them to lose all their value. According to him, many virtual currencies lack long-term staying power because of slow transaction times, security challenges and high maintenance costs.
“Are any of today’s cryptocurrencies going to be an Amazon or a Google, or will they end up like many of the now-defunct search engines? Just because we are in a speculative bubble does not mean current prices can’t increase for a handful of survivors. At the same time, it probably does mean that most, if not all, will never see their recent peaks again,”
A lot other crypto influencers have also said that its real progress on roadmaps will help most altcoins to survive. Yoni Assia, the CEO of eToro, a social trading platform that supports a range of cryptocurrencies had mentioned to Business Insider that
“Ninety-five percent (ICO-Coins ) is going to end as nothing because that’s startup funding,”
Joseph Lubin, the co-founder of cryptocurrency Ethereum, has often compared the crypto boom to the dot-com bubble of the late 1990s that ended in a spectacular bust in the early 2000s. Speaking at a press conference at MoneyConf in Dublin, Lubin had mentioned
“If you look at the dotcom boom and bust, there were so many of the same issues back then. So much money invested, lots of money lost, lots of failing projects.”
Dominik Schiener, another influential name in cryptos and the creator of IOTA was also heard saying he expects less than 10 of the more than 1,400 crypto projects that have sprung up over the last two years to survive
While everyone who understand cryptos, be it influencers, researchers or even Wall Street investment banks believe that it’s the fundamentals and real development that counts.
For all, it’s the same mantra- those projects that do survive will transform the world and make huge amounts of money for those who back them.
Which Coins and Tokens do you believe will make money for its investors in long run? Do let us know your views on the same
The post Is It #BUIDL That Will Decide Next Amazon of Cryptoworld or Most Cryptocurrencies will die? appeared first on Coingape.
Source: CoinGape

Bitcoin & Cryptos will see a Sharp Breakout in Coming Years, Goldman Sachs-backed Circle’s CEO

While some are calling out for Bitcoin to tank, others like Goldman Sachs-powered Circle are seeing a bright future for Bitcoin and crypto.
Crypto is Fundamental to the Future
Currently, the crypto space is going through a prolonged bear market after touching the peak in December 2017. The market has seen several attempts by bulls to reverse the downward trend with no success. However, experts are predicting this year for Bitcoin to make its journey to recovery. Though the reversal is yet to come, crypto experts believe Bitcoin has a far more serious and fundamental role to play in future.
With the World Economic Forum held in Davos in full swing, the crypto market is getting a lot of attention from the industry experts and central banks. While at one side, the remarks of Bitcoin going to zero are making news, crypto believers like Goldman Sachs-powered Circle are keeping the crypto enthusiasts positive.
The chief executive of Circle, Jeremy Allaire believes digital assets and the blockchain technology behind Bitcoin will play a crucial role in the future.
“People throw around ‘crypto’ like it’s a bad thing…- it’s scary. Guess what? Cryptography is at the foundation of protecting modern society, human privacy. It’s a fundamental tool of our cyber defenses. It’s a fundamental tool of every corporation.”
According to him, crypto has a greater role to play in the future, as “Crypto is fundamental to the future. We need tamper-proof, resilient, decentralized infrastructure if we want society to survive the digital age,” said Allaire.
It’s Much More Transformative then the Web
Allaire says digital currencies are versatile as, “It can be used in lending transactions, in payment transactions. It allows you to make dollar payments, globally, at pennies and in seconds to minutes. It’s a really powerful innovation.”
“We see this as much more transformative even than the web. We think this has a long arc that will have a far greater impact on our civic institutions and our economic institutions.”
Moving onto the central banks, he said, “We’re huge proponents of central bank digital currency and we believed in that for a very long time. Our view is that the creation of cryptocurrencies that are based on central bank money is happening in the private sector first. We launched USD Coin last fall. It’s growing rapidly.”
Recently he had shared that Bitcoin and other cryptocurrencies will see a huge breakout as Bitcoin as a Store of Value asset “will become much much larger and more broadly adopted and those other crypto assets will be used in an incredibly broad array of everyday transactions.”
Allaire is a long term believer in Bitcoin as he states last month,
“The key thing with Bitcoin is it’s unique in its security and its scale. And this idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion, that’s attractive all around the world. And I think it will be increasingly attractive.”
The post Bitcoin & Cryptos will see a Sharp Breakout in Coming Years, Goldman Sachs-backed Circle’s CEO appeared first on Coingape.
Source: CoinGape

Bitcoin could Become the Global Currency amidst the Worldwide Chaos

Some like Max Keiser says Bitcoin could be the resistance currency while others like Jack Dorsey says Bitcoin could be the internet currency. With the way the global debt is rising, the stock market is reportedly waiting for a collapse, countries like Russia are planning de-dollarisation, economies like the US and China are having trade wars, currencies like Bolivar are biting the dust and banks are controlling people’s money, Bitcoin could become the global currency.
The Currency of Resistance
Earlier this month, Bloomberg reported that Goldman is betting on weaker US dollar as the strategist wrote,
“Combined with net softer U.S. data for December, we think a more data-dependent Fed creates space for further dollar downside,” after Federal Reserve Chairman Jerome Powell boosted the chance that bank will pause increasing interest rates.
The downward slide of world reserve currency along with the de-dollarization plans of Russia and China among other countries could see Bitcoin gain traction.
Recently, French banks have been closing down, not allowing withdrawals and putting a restriction on the debit cards according to the mainstream news coverage.
In response to this, Bitcoin proponent and investor Max Keiser said, this can become “part of global insurrections against banking occupation” and “the first global insurrection to fight against globalism and the global dominance of central banks.” Back in December, he had advised the French protesters, “If every French person converted 20% of their bank deposits into Bitcoin, French banks would collapse and a lot of bloodshed could be avoided.”
In his recent episode, he also talked about the fraud committed by Wells Fargo for which it has been fined $575 million by the US government, “Fraud runs the American economy. Without fraud, there would be no GDP whatsoever.”
Talking about the banking model he said, “You keep 90 cents of every dollar you steal. That’s their model. That’s what their earnings are based on. If you stripped out the fraud from Wells Fargo’s business model, they would be losing an unconscionable amount of money, and they would actually have to declare bankruptcy many, many quarters ago.”
The Most Rock-Solid Monetary Policy
Now, with the Yellow Vests Movement in France, Bitcoin can emerge as the currency of resistance. On Bitcoin being the currency of resistance, Bitcoin developer, Jimmy Song stated,
“All of these protest movements and things like that they are going after changing who’s in charge. Really what they should be doing is taking power back for themselves, decentralizing power. It starts with bitcoin… That’s a much more peaceful revolution that’s possible with bitcoin.”
According to Keiser, the three important variables of Bitcoin, its price, hash rate and difficulty adjustment that ensures 10-minute emission remains constant make it the “most rock-solid monetary policy.”
“That emission schedule of coins coming on every ten minutes makes bitcoin the central bank of the world with the most rock-solid monetary policy there is,” said Keiser.
The post Bitcoin could Become the Global Currency amidst the Worldwide Chaos appeared first on Coingape.
Source: CoinGape

Wall Street Crypto Dreams Hit A Roadblock as Cryptos Stay Far Away from All- Time Highs

Wall Street Money is like a holy grail for crypto markets and everyone on the street is waiting for its arrival on the crypto-street. While the wait continues and markets still far away from its all-time highs, it looks like a lot of Wall Street Firms that had announced their crypto plans are either differing or shelving it.
Goldman Sachs, Morgan Stanley, Barclays move slow and steady towards cryptos   
According to a recent report published by Bloomberg, plummeting crypto markets and regulatory uncertainty has forced a lot of Wall Street firms and Banks to shelf their crypto plans. Even though a lot of them continue to develop a trading infrastructure, the pace of it is definitely gone down reason being collapse in the value of virtual coins.
Goldman Sachs which was among the prominent names to have announced its crypto plans seems to have slowed down its setup process to a pace where is progress is barely visible and noticeable according to people familiar with its crypto business. Many people in the industry are now found saying that it was idealistic to have expected last year’s frenzy to translate into a Wall Street crypto offering but nothing materialized once the market started plummeting.
Goldman remains the point of focus for expectations of an establishment embrace of crypto. The firm was among the first on Wall Street to clear Bitcoin futures and people familiar with the matter said last year it was preparing a trading desk—the bank even provided its bankers to the New York Times for an interview on its plans.  The bank has yet to offer to the trade of crypto and has gained little traction for its NDF product, having signed up just 20 clients, according to people familiar with the matter. Justin Schmidt, who was hired to head its digital-asset business, said at an industry conference last month that regulators are limiting what he can do. Still, Goldman plans to add a digital-assets specialist to its prime brokerage division, the person said.
Its not just Goldman, Morgan Stanley, the other wall street giant, which hired Andrew Peel as its head of digital assets earlier in the year, has been technically prepared to offer swaps tracking Bitcoin futures since at least September, but so far hasn’t traded a single contract, according a person familiar with the matter. A person with knowledge of the business said in September the contracts would be launched once there was enough evidence that there is significant institutional client demand.
Citigroup too is part of the Wall Street Wolf Pack. The bank too has not traded any of the products it designed for cryptocurrencies within existing regulatory structures, according to a separate person with knowledge of its business.
The story remains the same across Atlantic where Barclays Plc, which had spoken about client interest on a cryptocurrency trading desk, is almost back to square one. Earlier in the yea,r the British bank had hired two former oil traders—Chris Tyrer and Matthieu Jobbe Duval—to evaluate the crypto business but according to sources Barclays has laid them off. Tyrer, who led the digital-assets project, left in September, while Jobbe Duval followed two months later, according to people familiar with the matter. Barclays currently has no plans for a crypto trading desk, according to a spokesman.
There have been few quotes from the street that describe the situation
“The market had unrealistic expectations that Goldman or any of its peers could suddenly start a Bitcoin trading business,” said Daniel H. Gallancy, chief executive officer of New York-based SolidX Partners, which hopes to launch a Bitcoin ETF in the U.S. “That was top-of-the-market-hype thinking.”
Another one coming from Eugene Ng, a former Deutsche Bank AG trader in Singapore who has set up crypto hedge fund Circuit Capital.
“It appears as if progress is coming to a halt, yet nothing could be further from the truth, The bear market is going to allow many of these institutions to build the proper foundations without rushing to build-out infrastructure without adequate testing for fear of missing out on a gold rush.”
Will the market revival get these firms back in the game or its regulatory clarity that will do the job is something that one will have to wait and watch? But one thing is for sure it’s not going to be for Wall Street Money to find its way into cryptocurrencies
Will the Wall Street Money reach Crypto Street despite all roadblocks? Do let us know your views on the same
The post Wall Street Crypto Dreams Hit A Roadblock as Cryptos Stay Far Away from All- Time Highs appeared first on Coingape.
Source: CoinGape

Bitcoin Hits Two-Week High Promising Further Bull Run in 2019

CoinSpeaker

Bitcoin Hits Two-Week High Promising Further Bull Run in 2019

Bitcoin moves up on Wednesday reaching two-week highs. The rally combined with the prevailing bull flags indicate that recovery may be peeping around the horizon.

Bitcoin Hits Two-Week High Promising Further Bull Run in 2019

Continue reading at Coinspeaker
Source: CoinSpeaker

Ex-Goldman Exec Believes the Crypto Market Will Thrive in the Long-term

CoinSpeaker

Ex-Goldman Exec Believes the Crypto Market Will Thrive in the Long-term

An Ex-Goldman is among the few notable investors remaining positive on the crypto markets. He holds his ground in spite of other institutional investors exiting the crypto space.

Ex-Goldman Exec Believes the Crypto Market Will Thrive in the Long-term

Continue reading at Coinspeaker
Source: CoinSpeaker

Overall Cryptocurrency Market Lands Its Second Day of Recovery

CoinSpeaker

Overall Cryptocurrency Market Lands Its Second Day of Recovery

After literally months of waiting, a cryptocurrency market bounces forward and the majority of cryptos started to gain double figures on the day with a $10 billion injection pumps crypto markets.

Overall Cryptocurrency Market Lands Its Second Day of Recovery

Continue reading at Coinspeaker
Source: CoinSpeaker

Former Goldman Sachs Exec Launches Crypto Startup Amid Bear Market

Although many are enamored with bashing the colloquial term “BUIDL,” for many Bitcoin diehards, 2018’s crypto market lull has been a time to unironically bolster this industry’s underlying infrastructure. This isn’t just hearsay, as 2018 has arguably been crypto’s strongest year yet, in terms of promising products, platforms, and startups, rather than day-to-day price action.
Some of the world’s largest corporations and financial entities, such as the Intercontinental Exchange, Citigroup, Nasdaq, Microsoft, IBM, and Goldman Sachs, have all instituted crypto-centric initiatives. Yet, while these efforts are undeniably valiant, there remain entry barriers for a majority of keen parties, which curtails the growth of this industry. This issue isn’t flying under the radar, however, as startups have continued to crop up, seemingly in a bid to usher household names into this embryonic ecosystem.
Meet Peter Thiel-backed Tagomi
Peter Thiel, the head honcho of the so-called “Paypal Mafia” — ex-Paypal executives turned hotshots in Silicon Valley and Wall Street — has long been open to the concept of Bitcoin. On multiple occasions, Thiel, an advocate for libertarian principles, claimed that Bitcoin could become a hedge against economic downturns. So, it should as no surprise that his illustrious venture capital group, the San Francisco-based Founders Fund, has made notable capital allocations into crypto startups.
As reported by NewsBTC in early-May, one of the fund’s allocations into this industry took the form of a multi-million dollar financing of Tagomi, a little-known firm at the time, with not much more than an ambitious vision. Now, over half a year since Tagomi secured Thiel’s rare stamp of approval, the startup has put its grandiose plan into action.
On Monday, Tagomi, potentially slated to become the Fidelity Investments of the cryptosphere, launched its prime broker-dealer services — purportedly the first of its kind. For those who missed the memo, the startup is primarily focused on executing large orders for its bigwig clients.
Speaking with Bloomberg, the upstart’s co-founder, Greg Tusar, and other key executives explained how its system operates. Tagomi takes advantage of its access to an array of exchanges to produce a liquidity pool, easing slippage for gargantuan block orders, while ensuring that transparency and proper trade reporting is upheld. Tusar, a former Goldman Sachs magnate, explained that there currently are pertinent issues plaguing crypto-friendly high net-worth investors today, namely custody, security, and a lack of liquidity. He stated:
“The current environment is challenging, for sure, but we think there’s a lot of longer-term demand for digital assets and helping clients understand the transformative impact of crypto and blockchain.”
In a separate interview with The Block, Tusar alluded to the fact that Tagomi is, or is aiming to, fill that gaping hole in this industry, and quick. He explained that there hasn’t been a single platform that has shepherded clients from depositing fiat, deciding on an investment thesis, allocating capital to cryptocurrencies, securing holdings, and all the way to managing these investments for the long haul. This is, of course, where the Peter Thiel-backed entity aims to come in and lend a helping hand.
Institutions Look To Buy The Crypto Dip
This launch of this innovative platform only underscores the fact that institutions see value in cryptocurrencies, but have resorted to staying on the sidelines due to the blockades that remain. Still, a number of startups backed by well-known institutions, like Fidelity and TD Ameritrade, have aimed to solve this problem.
Related Reading: Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors?
Fidelity, for instance, recently launched a crypto-centric subsidiary — Fidelity Digital Asset Services (FDAS) — after downing the Bitcoin red pill in 2014, when the firm’s launched its in-house blockchain research group. FDAS has its eyes on becoming a spiritual successor of its parent, but specifically in the context of crypto. More specifically, the fledgling arm has ambitions to launch top-notch cryptocurrency custody, coupled with trade execution for Fidelity’s 13,000 institutional clients.
Similar moves from Bakkt, which has close ties to the parent of the New York Stock Exchange, and ErisX, a similar offering funded in part by TD Ameritrade, have again, only accentuated abounding institutional interest for digital assets. But the question that remains on everyone’s mind is — who will be the one to capture that demand?
Featured Image from
The post Former Goldman Sachs Exec Launches Crypto Startup Amid Bear Market appeared first on NewsBTC.
Source: New feedNewsBTC.com