Goldman Sachs CEO Open to Considering Bitcoin Trading Once Currency Becomes Est

Jating

hero member

Activity: 2842

Merit: 772

Quote from: Harlot on December 03, 2017, 01:22:30 PM

Well for an investment banking company it is not too late for them to enter into the scene as they will most likely be part of the side which controls the price movement of Bitcoin, but I don't know why he thinks that Bitcoin will ever have a price movement that is below 20%? I mean he knows that Bitcoin is a decentralized currency the only way it gets stable is if no one is willing to trade it anymore. For me the price movement of Bitcoin makes it more suitable to "trading" as although making it more risky it is also profitable.

True. As for the price movement, we have seen it move below 20% but people still trusted on it and bitcoin already shows that in can recovered from such crash in the past. So it means that even though it plummeted, people are still buying and entering the market with their own "risk". And that is the beauty of trading bitcoin, traders likes us take advantage of its volatility to make profits. After all, everyone doing trading is looking to make profits, not only in bitcoin market, but other markets as well.

Quote from: lostinbtc on December 03, 2017, 01:06:54 PM

Wall street is already opening a futures options trading on bitcoin so this sounds probable..

Yes, NASDAQ as well have plans to launch its own bitcoin future contracts in Q2 2018. Let's see how it goes. And this trend will continue for the couple of years. Speculative asset or bubble, bitcoin will really be the next big thing, financial institutions will be involved promoting bitcoin whether they like it or not.

Harlot

hero member

Activity: 1806

Merit: 672

Well for an investment banking company it is not too late for them to enter into the scene as they will most likely be part of the side which controls the price movement of Bitcoin, but I don't know why he thinks that Bitcoin will ever have a price movement that is below 20%? I mean he knows that Bitcoin is a decentralized currency the only way it gets stable is if no one is willing to trade it anymore. For me the price movement of Bitcoin makes it more suitable to "trading" as although making it more risky it is also profitable.

MiningSensei

hero member

Activity: 766

Merit: 509

But if it happens, and all this rally ends, then bitcoin would not be the same as it was before.

Quote from: bob3772 on December 03, 2017, 11:24:08 AM

It's not possible in todays market sure but over the years bitcoins volatility will decrease as it becomes more established in our society, once that is the case it will be less than the 20% they talk of.

You must now that 80% of the people who have introduced themselves in bitcoin are because they want to earn money, they do not want to leave the banks and leave a new like with this kind of money.

When they see that they are not earning money anymore, they will leave the system.

But maybe you are right, we need a more stable blockchain, that would be great, not just for the investors and for those who wanna buy, it would be great for the whole system, and for the miners, because it could make transactions go faster than now.

lostinbtc

newbie

Activity: 37

Merit: 0

Wall street is already opening a futures options trading on bitcoin so this sounds probable..

bob3772

full member

Activity: 415

Merit: 100

Quote from: ?? on ??

But he is only saying that he will be open to trade bitcoin if it does not move over/below a twenty percent.

That is more than impossible if you are talking about bitcoin. The price decreased by more than 20% in just a day, and it made more than 25% in 24 hours, just like it happened during the last week.

He is asking too much, i dont know why he just want to stay between a "20%" because it is almost impossible because of the high volatility of cryptos at the moment.

He will introduce bitcoin to the company anyway, there is no doubt with that.

It's not possible in todays market sure but over the years bitcoins volatility will decrease as it becomes more established in our society, once that is the case it will be less than the 20% they talk of. They probably don't want to be involved with an asset with such volatility as it is very risky for them and their investors.

bob3772

full member

Activity: 415

Merit: 100

Quote from: Kemarit on December 01, 2017, 12:51:58 PM

Quote from: bob3772 on December 01, 2017, 08:51:47 AM

I think it's going to become more of a trend, these big establishments now are starting to realise how big of a threat bitcoin could become or even just how big of a market it could be. If they rule it out now it looks awful when they try and backtrack in a few months or years time.

They can't really ignore the fact that bitcoin is ripe and ready to take the banks. However, there's also some financial institutions that really see a good future in bitcoin. Those who are attacking and bashing bitcoin could no longer refuse or not take notice of it. So it will become a trend in the future, but someone has to give up. They either has to join and accept bitcoin or just be left out when other institution are embracing the crypto world. Old schools will be old schools, adapt or be left out. And those that they have learn from the past might not be appropriate in the crypto industry. But at least Goldman Sachs’ CEO Lloyd Blankfein is somewhat open-minded but I still have qualms with his statement.

A large part of the difficulty is in that they are competing with bitcoin in its true form, as a speculative asset it can make a large profit for them if they open up trading but as a payment option it can really hurt banks. What qualms do you have with the statement?

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: bob3772 on December 01, 2017, 08:51:47 AM

I think it's going to become more of a trend, these big establishments now are starting to realise how big of a threat bitcoin could become or even just how big of a market it could be. If they rule it out now it looks awful when they try and backtrack in a few months or years time.

They can't really ignore the fact that bitcoin is ripe and ready to take the banks. However, there's also some financial institutions that really see a good future in bitcoin. Those who are attacking and bashing bitcoin could no longer refuse or not take notice of it. So it will become a trend in the future, but someone has to give up. They either has to join and accept bitcoin or just be left out when other institution are embracing the crypto world. Old schools will be old schools, adapt or be left out. And those that they have learn from the past might not be appropriate in the crypto industry. But at least Goldman Sachs’ CEO Lloyd Blankfein is somewhat open-minded but I still have qualms with his statement.

bob3772

full member

Activity: 415

Merit: 100

I think it's going to become more of a trend, these big establishments now are starting to realise how big of a threat bitcoin could become or even just how big of a market it could be. If they rule it out now it looks awful when they try and backtrack in a few months or years time.

DaMut

sr. member

Activity: 1274

Merit: 263

lately we heard alot about this kind of action,
not really sure about it actually it is a good news or a bad news.
from all over news that we heard until now none of them fullfill their promise yet,at least for now we're not seeing it.
it's all only statement that came out from their mouth and the hype begin.
i hope it's not an organized pump and dump news caused by them(the whales).
if it's one of those i am afraid it would be the last day for Bitcoin to survive.
re-history will happen in the next few months later.
it should be a good news right ? but,why i felt something wrong will happen soon with all of this news ?

anapodrimaj

newbie

Activity: 89

Merit: 0

Goldman Sachs’ CEO Lloyd Blankfein has been one of the most open-minded Wall Street CEOs on Bitcoin. He has pointed out that people distrusted paper currency when it was first introduced and later accepted it.
Blankfein said: there is a lot of things that weren’t for me in the past that have worked out very well, we will see. If it works out and it gets more established, it trades like a store of value, it doesn’t move up and down 20% and there is liquidity in it, we will think about it.

https://cointelegraph.com/news/goldman-sachs-ceo-open-to-considering-bitcoin-trading-once-currency-becomes-established

Topic: Goldman Sachs CEO Open to Considering Bitcoin Trading Once Currency Becomes Est (Read 309 times)