HomeNewscoinquora.comGoldman Sachs Reopens Cryptocurrency Desk Amid Bitcoin Boom

Goldman Sachs Reopens Cryptocurrency Desk Amid Bitcoin Boom

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  • Goldman Sachs has reopened its cryptocurrency trading desk.
  • The trading desk reboot comes amid the Bitcoin boom of over 470% over the past year.

Goldman Sachs Group has reportedly reopened its cryptocurrency trading desk and will begin dealing with bitcoin futures and non-deliverable forwards for clients beginning next month.

The trading desk reboot comes amid increasing institutional interest in Bitcoin by 470% over the past year. Investors and companies see it as the most comprehensive cryptocurrency as a hedge against reflation as governments and central banks turn on the inducement taps.

While its price has increased significantly over the past year, bitcoin remains highly volatile. BTC burst through $58,000 on February 21, then fell by 25%, although it has regained some lost ground.

This makes BTC and related derivatives charming for investors willing to get riskier long or short positions as they seek yield in a record-low interest rate environment.

Non-deliverable forwards are a kind of derivative that allows investors to view bitcoin’s future price.

Goldman Sachs first set up a cryptocurrency trading desk in 2018. As BTC’s price fell from record highs, the bank’s  investors lost interest in digital coins.

Since then, market support for Bitcoin and other significant cryptocurrencies has significantly grown. Many founded financial institutions which offer crypto products and services, including CME Group Inc, Intercontinental Exchange Inc, and Fidelity.

These developments have attracted more mainstream companies to the sector. While exploring those offering crypto services to retail or institutional investors, companies hold bitcoins on their balance sheets.

Last month, electric car company Tesla Inc said it had bought $1.5 billion worth of BTC. Also, BNY Mellon Corp said it had created a new unit to help clients hold and transfer digital assets.

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