United States: Goldman Sachs is
exploring whether to launch a trading venture in bitcoin in response to client
demand, a person familiar with the matter said Monday.
Goldman's consideration of the
digital currency could give bitcoin a boost at a time when it is under
criticism in China and by some large banks.
Goldman is looking at establishing a
team that could trade bitcoin and other digital currencies, said a person
familiar with the bank's thinking.
The venture might resemble other
Goldman teams that trade euros or treasury bonds. Goldman has received interest
from a variety of parties, including investment funds, insurers and corporate
clients.
The study is at an early stage and
may not yield a decision to proceed with such a venture, the person said.
"In response to client interest
in digital currencies, we are exploring how best to serve them in the
space," said Goldman spokeswoman Tiffany Galvin.
Large banks like Goldman Sachs have
until now avoided trading in bitcoin due to its reputation as a conduit for
illicit activity.
At the same time, financial companies
have been active in the development of "blockchain," the underlying
technology of bitcoin, which is seen as a potentially important technology.
Bitcoin critics include JPMorgan
Chase chief executive Jamie Dimon, who called the digital currency a
"fraud" that will eventually "blow up."
But Morgan Stanley chief executive
James Gorman offered measured praise for bitcoin last week, calling it
"obviously highly speculative" but "not something that's
inherently bad."
Bitcoin has retreated since breaching
the psychologically important US$5,000 level on September 1. On Monday, it
traded at US$4,375.
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