In the recent past, globally renowned investment banking company Goldman Sachs employed Justin Schmidt as its head of digital assets to pioneer the operations.

Ever since then we’ve been hearing hints of constructive messages from the IB giant.

Just beginning of this week, we posted about the constructive stance of GS on hedge funds, go through below weblink for more reading:

https://www.econotimes.com/Goldman-Sachs-blessings-in-disguise-migration-from-Wall-Street-to-Crypto-Hedge-Fund-universe-1281060

For now, we learned that the IB Company has disclosed its idea of starting trading cryptocurrencies.

We saw the sharp spikes in Bitcoin prices to witness its all-time highs of just under $20,000 during the launch of Bitcoin futures in December last year, subsequently, tumbled below $10,000 in the Q1’2018.

Recent positive Bitcoin price momentum has become visible across all exchanges. This has seemingly little to do with the increase in futures trading volume. Cryptocurrency sees a bearish cycle quite regularly before new all-time highs are reached.

The big question is how these Bitcoin futures will affect the long-term value. As we saw in late 2017, the Bitcoin price does fine on its own without such investment vehicles. Relying on a third party to invest in Bitcoin is always counterproductive. Cryptocurrency is all about being in control of your own money or investment. Futures contracts are the complete opposite in this regard.

Amid these speculative price movements, there’ve been perceptions within GS on Bitcoin is neither a fraud nor a currency, instead, it is to be deemed as a commodity like gold.

“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table,” said Rana Yared, managing director of the securities division at Goldman.

On the flip side, Justin Schmidt, seems to be keen on to take on driver’s seat to lead Bitcoin business at the swift pace. He mentioned that the company is seeking to obtain its first acquire approval from the Federal Reserve. By this, we can understand, Goldman’s lingering optimism around cryptocurrency business but with a proper protectionist mechanism.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 147 levels (which is highly bearish). Hourly USD spot index was at shy above 36 (mildly bullish) while articulating (at 12:10 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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