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There was numbers of rumours and many media coverages stating Goldman Sachs is abandoning plans for a Bitcoin Trading Desk. Turns out all this was a fake news or simply information manipuliation.
Sally Shin’s (CNBC SF Bureau Chief) tweet was a game changer stating that rumours regarding Goldman Sachs plans to abandon Bitcoin Trading Desk project was a Fake news, according to Goldman Sachs Chief Financial Officer Martin Chavez.
Goldman CFO at @TechCrunch regarding rumors of rolling back crypto desk
“I think one of the wonderful things about us is that we get written about a lot. I never thought I would hear myself use this term but I really have to describe that news as Fake news.”
— Sally Shin (@sallyshin) September 6, 2018
Furthermore, Officer Martin Chavez said on stage at the TechCrunch Disrupt Conference in San Francisco,
“The next stage of the exploration is what we call non-deliverable forwards, these are over the counter derivatives, they’re settled in U.S. dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges,”
Despite the plummet cryptocurrency markets markets Goldman Sachs is currently working on a type of derivative for bitcoin because “clients want it.”
“Physical bitcoin is something tremendously interesting, and tremendously challenging,” he said. “From the perspective of custody, we don’t yet see an institutional-grade custodial solution for bitcoin, we’re interested in having that exist and it’s a long road.” – Chavez said.
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