Goldman Sachs Breaks from Peers; Moves Deeper into Crypto Exploration

Goldman Sachs Group Inc. is exploring how it could help clients trade bitcoin and other digital currencies, according to a person briefed on the plan.

While Bitcoin and other cryptos have been put upon by some of banking’s heavyweights, there are some who are showing they are willing to give the space a shot.

Such is Goldman Sachs’ case, which is reportedly exploring ways to help its clients understand the nuances that come with trading in the space.

Several news outlets, including the Wall Street Journal, were reporting Monday that the investment bank is considering the launch of a new trading operation focused on Bitcoin, and other cryptocurrencies.

"In response to client interest in digital currencies, we are exploring how best to serve them in this space," a Goldman spokeswoman said in a statement.

It’s being stressed that this exploration is in the early stages, but it is still important as it shows how the powerhouses are accepting, or not, cryptos. As we’ve told you, JP Morgan CEO Jamie Dimon unleashed a hellish storm on Bitcoin last month when he called it everything from a fraud to a spending tool for murderers.

He was later countered by others, including Morgan Stanley’s CEO James Gorman. He specifically took issue with Dimon saying Bitcoin was a fad, saying it was not. He added that Bitcoin is a natural consequence of the Blockchain technology.

In a glaring example about how Goldman Sachs’ openness to Bitcoin, consider this. The vice president on the bank's FICC Market Strats team was the only representative from a major Wall Street firm to issue reports on bitcoin's price as the digital currency soared earlier this year, according to CNBC.

In that report, released in August, the VP predicted that Bitcoin could reach $4,827. At the time of writing, Bitcoin’s price was $4,417.