The Wall Street behemoth has been considering the launch of a cryptocurrency option for clients over the past year. But according to CNBC, its plan for the initiative has never been very clear.
What Chavez did make clear is that while a timeline for the venture has never been established, Goldman has been approving bitcoin-linked futures contracts since May and providing clients liquidity with those futures.
Crypto wariness strikes again!
As for physical bitcoin, Chavez explained that the company is not quite in the position to get in the game — mainly due to factors out of the institution’s control.
Issues with bitcoin’s volatility, security, and asset storage have all been regulatory moats for institutional investors, especially as bitcoin continues to struggle to reach its near-$20k high back in December.
The value of the entire crypto market has since dropped by more than 65%: As of Thursday, Bitcoin was trading at $6.4k “Satoshi tears.”