We have seen how in the past few weeks, China joined South Korea in shutting its door on some cryptocurrencies, but another financial giant; Goldman Sachs could be opening its door soon to Bitcoin trading.
Two Forks in A Short Time
First, there was Bitcoin Cash which went live on August 1st, then there is set to be another fork by the name of Bitcoin Gold. When something gets too big to handle, such as in the case of Bitcoin which rose ~400% in its price; undoubtedly there will be some massive shakeup.
Then Comes the Shutdown from China
China was one of the first country to crackdown on cryptocurrency exchange starting with the rejection of fund-raising through cryptocurrency. Think of it as a company that wants to go public listed on the stock market, or going the path of Initial Public Offerings (IPOs); was declined by the authorities.
Then came another huge blow. With China home to almost 25% of the world’s Bitcoin trading, then BTC China, China’s largest Bitcoin exchange came out with a decision to stop trading on September 30th.
Now Goldman Sachs Wants to Trade Bitcoin
One of the world’s oldest and biggest financial company from the United States, Goldman Sachs very own CEO tweeted the below:
And according to reports, they are in the early stages of setting up a cryptocurrency trading operating within the financial institution itself. But it wasn’t really clear whether they will go ahead with it, as the tweet by Lloyd Blankfein was neither a yes or a no.
A Lot of Catching Up to Do
When it seemed that Bitcoin was on a downhill due to the above rejections and bad news surrounding the cryptocurrency world, we could see other financial institutions setting up shop in support of its trading. Yes, the price took a dive from a high of ~$5,000 USD down to ~$3,200 but is on recovery mode which now trades at ~$4,300.
When There’s Demand, There’s Got to Be Supply
As they say, when there’s a huge demand from the market – someone’s got to be delivering the supply. As long as Bitcoin is in huge demand worldwide, there will be no shortage of backers either from governments or financial institutions all over.
Category: Team WhaTechCompany profile: Tech junkie by profession and passionate about anything from the digital world, movies, games and reading. He loves writing and hopes you enjoy his writing as much as he does. Eza, is also known as Don in the virtual world, but don’t him me wrong, he's not a mafia type he's really a nice chap and a devout family guy.