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Bitcoin cools that Wall Street resigns from the illusion of cryptocurrency – e-commerce – payment platform / online finance

When bitcoin prices grew rapidly, many financial institutions could not help but start up some related products, including many leaders such as Goldman Sachs and Morgan Stanley.But after this year's fall in prices, Wall Street finally gave up illusion and began rethinking the importance of this.from

In the case of Goldman Sachs, the company tried to put itself at the forefront of digital resources. However, sources known for their activities say that progress was slow and barely noticeable.


Bitcoin chart (by: Bloomberg)

Today, many people in the industry say that it is unrealistic to transform last year's fanaticism into a cryptocurrency on Wall Street.from

Daniel H. Gallancy, general director of SolidX Partners, based in New York, said:

The market has unrealistic expectations as to starting operations in the field of bitcoins. If you want to run the ETF Bitcoin system in the US, you are speculating only on the market.

Still, Goldman Sachs still has high hopes, after all the company is one of the first Wall Street companies to explain the future of bitcoins.

Last year, a person familiar with this case said that Goldman Sachs is preparing to launch a trading platform. In addition to hosting services of the deposit fund, the company also invested in BitGo Holdings Inc., which aims to provide derivative derivatives without a main delivery.

However, according to people who know the case, the bank does not offer encrypted transactions yet, and NDF products are not very attractive – only 20 clients are registered.

Justin Schmidt, who was employed as head of the digital asset department, said at a trade conference last month that regulators were restricting it. However, Goldman Sachs also plans to broaden its knowledge of digital assets in its main brokerage office.

Banks and investment firms are cautious because regulators do not provide clear guidance on how to classify large amounts of tokens (such as goods, securities or other things).

In addition, criminal and regulatory investigations have not helped. Even if the value of cryptographic assets has evaporated by 700 billion dollars, believers still hold their assets firmly.

According to informed sources,Earlier this year, Morgan Stanley hired Andrew Peel & as a digital resource manager and was ready for technology.

Originally, it was planned to offer special currency swaps from September, but so far it has not been possible to sign a single. Informed people said in September that when there is a confirmed demand of institutional clients, the business will soon be able to keep up.

At the same timeCitigroup Inc. it left no room for cryptocurrencies in its current regulatory system. London Barclays Plc almost returned to its original point.

Earlier this year, the British bank appointed two former oil traders (Chris Tyrer and Matthieu Jobbe) to investigate, but both remained in September and November, respectively.

Both Citigroup and Morgan Stanley refused to comment on their cryptographic business conditions.from

Goldman Sachs spokesman in New York Patrick Lenihan said he would focus on "cautious and safe meeting the needs of customers."

It is worth mentioning that in August of this year Intercontinental Exchange Inc., a mother company of the New York Stock Exchange, stated that it has created a service for consumers and institutions to buy, sell, store and use digital resources.


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