Goldman Sachs says it will trade bitcoin futures for clients

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Bitcoin futures have attracted attention of a lot of front line mainstream investors and the latest to join the bandwagon is Goldman Sachs, the global finance market’s second largest investment bank.

Goldman Sachs said it will be trading bitcoin futures for its clients and while the investment bank hasn’t detailed its plans in entirety, one of the sources inside the bank familiar with the development told Bloomberg that in the short-term, bitcoin future trades made by Goldman Sachs on behalf of its clients will be processed on a case-by-case basis.

As of now an official statement from Goldman Sachs reads as follows:

“Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process.”

Lloyd Blankfein, the Goldman Sachs chairman and CEO has already confirmed that the investment bank will become a bitcoin player if the cryptocurrency works out. Just last month he had said that the investment bank is “open minded towards bitcoin”.

He emphasized that the abrupt shift from the gold standard to the fiat currency system was rejected and failed to be adopted in the beginning. If bitcoin is a natural progression from hard money to digital money, Blankfein explained that bitcoin holds the potential to become the next gold and reserve currency of the world.

According to Chicago Board Options Exchange (CBOE) they will be launching bitcoin futures trading on December 10. This will open up bitcoin trading in a way for large-scale investment banks and hedge funds. Goldman Sachs and its clients will likely utilize CBOE and CME bitcoin futures trading platforms to invest in bitcoin by mid-December.

With Goldman Sachs and JPMorgan optimistic in regards to the growth of bitcoin as the new gold and robust store of value, other major banks and financial institutions will inevitably follow.

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