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Goldman Sachs Eliminates Bitcoin Futures for Customers

Bloomberg Says Goldman Sachs Will Buy Bitcoin Futures for At Least Some Customers When Futures Markets Launch Dec. 10 (CBOE) and December 18 (CME). This is a major news because futures markets that will be released soon will be useless if banks and brokerage companies do not use the platforms.

Goldman joins TD Ameritrade and Ally Invest brokerage firms. access to new term Bitcoin products. JP Morgan Chase even plans to offer Bitcoin futures to customers.

Bloomberg quoted an anonymous source "knowing the firm's plans," saying Goldman Sachs would offer client transactions on a case-by-case basis. case base. Tiffany Galvin, spokesman for Goldman, wrote:

"As this is a new product, we are evaluating the specifications and risk attributes for contracts to term bitcoin as part of our due diligence process. "

Goldman's CEO, Lloyd Blankfein, would be cautious, but open to the idea of ​​Bitcoin, unlike many of his banking counterparts like Jamie Dimon. Blankfein wrote:

"I read a lot of history, and I know that there was once a coin that was worth $ 5 if it contained 5 Now, we have a paper that is just supported by fiat … Maybe in the new world, something is supported by consensus. "

Extremely important

Goldman Sachs is considered to be one of the most elite investment banks in the world, attracting the best finance experts and the richest clients. The company is also known for its "revolving door" – where Goldman executives come and go from the bank serving the government and vice versa. In fact, the process is so entrenched that the bank is sometimes called "Government Sachs".

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Goldman executives who became government employees include Treasury Secretary Steve Mnuchin and Deputy Secretary of the Treasury James Donovan. President George W. Bush has appointed Hank Paulson, former CEO of Goldman, as Treasury Secretary. The revolving door of Goldman's appointees to the government gives corporate bankers a great deal of influence in the development of policies and regulations.