The bitcoin price took a beating during last week’s selloff and has been hovering around $7000, but now it could be in for a boost after reports that Goldman Sachs is considering to invest into cryptocurrencies. The banking giant wants to add Bitcoin and other cryptocurrencies as securities to its funds after reportedly increased interest from clients.
Such a move on behalf of Goldman to hold bitcoin securities could have enormous implications for the market as it would reduce exposure and risk which is one of the biggest concerns for new and potential bitcoin investors.
The news does not come unexpectedly because the new chief executive at Goldman, David Salomon, had already announced in an interview after his appointment in June that his bank was looking to add bitcoin and crypotcurrency services to their offering.
The bank’s move is in line with its competitors such as Japan’s Nomura, Bank of New York Mellon, JPMorgan Chase all of whom are believed to be either exploring or already finalizing cryptocurrency products.
Such latest rout of positive news could positively influence the upcoming Securities and Exchange Comission’s botcin exchange traded fund decision this month.
Last week the U.S. coffee chain Starbucks had announced plans to incentivize its customers to use bitcoin and cryptocurrency with its digital platform Bkkt, for which it had teamed up with Microsoft and Boston Consulting Group.