Source: The Wall Street Journal
Original Title: "Good News for Bitcoin: Goldman Sachs Resumes Cryptocurrency Trading Desk, Citi and Fidelity Follow Suit"
Author: Wang Chao
Goldman Sachs has reopened its cryptocurrency trading desk and will start offering clients bitcoin futures and non-deliverable forward (NDF) contracts starting next week.
According to reports, this team is part of the bank's global markets division. This division was set up by Goldman Sachs to respond to the rapidly growing activities in the digital asset space. Currently, the bank is also exploring the possibility of bitcoin exchange-traded funds and has issued requests for information on digital asset custody.
Institutions including CME Group, Intercontinental Exchange, and Fidelity have already begun offering products and services related to cryptocurrencies.
Jurrien Timmer, Fidelity's Global Macro Director, stated that Bitcoin has a compelling supply and demand dynamic. He believes that the current asset value of Bitcoin is only $900 billion, compared to the $11 trillion asset value of gold and the $160 trillion total financial assets globally, indicating significant upside potential for this cryptocurrency.
Timmer said, "If Bitcoin is a legitimate store of value, scarcer than gold, and has the potential for a shifting demand dynamic, then is it worth considering adding it to the portfolio now?" He mentioned that the question might no longer be "whether" but "how much."
Citi previously released a more than 100-page report stating that with the increasing enthusiasm for Bitcoin from companies like Tesla and PayPal, as well as central banks exploring issuing their own digital currencies, Bitcoin is currently at a "turning point" and may one day become the preferred currency for international trade.
Citi believes that there has been a trend favoring Bitcoin over gold driven by retail and institutional investors, and this trend, which is increasingly hard to ignore, is favorable for Bitcoin. Citi also pointed out that the biggest risk for digital currencies is regulatory policy changes; if regulations tighten, some speculative funds may return to the gold market.
Goldman Sachs first established a cryptocurrency trading desk back in 2018, but at that time, Bitcoin's price was plummeting from its all-time high, dampening investor interest in digital currencies.
Cryptocurrency was previously shunned by elite institutions like Goldman Sachs but is now gaining trust, with other banks and financial institutions also having related business plans. The Bank of New York Mellon announced in mid-February that it will hold, transfer, and issue digital currencies, marking the first time a global bank is offering such services to clients. Mastercard also stated that it will allow cardholders to transact in cryptocurrencies on its network. The company said last month that it is "actively engaging" in global central bank digital currency plans.
Trong bối cảnh Goldman Sachs khởi động lại bộ phận giao dịch tiền điện tử, tài sản số đã tăng chóng mặt trong vài tháng qua. Giá Bitcoin đã tăng hơn 5 lần trong vòng một năm qua, và các nhà đầu tư như Paul Tudor Jones, Stan Druckenmiller và Elon Musk đua nhau tham gia. Tháng 2, Tesla của Musk đã thông báo mua 15 tỷ USD Bitcoin.
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