XLM had two great pieces of news this weekend in that Goldman Sachs included them in their investment products and UNICEF started to accept them for donations to their charity. These are two huge uses for XLM in addition to their partnerships with TransferTo for remittance and their banking application in accordance with IBM should make the XLM blockchain a very busy place in the time to come. XRP recently had an over 100% rally and Stellar looks like it could be poised to do the same soon as the news could possibly bring Stellar to past 50 cents per coin.
Tag: goldman sachs
Bitcoin drops 300 points in 3 minutes, insider trading at Goldman?
Bitcoin dropped 300 points in three minutes this morning on the news that Goldman Sachs is for now, not going to open up a Bitcoin trading desk. This sudden and fast drop-off right when the news(or even before the news) was announced signals to me that there may be some insider trading of Bitcoin at the major banks(like Goldman) or perhaps price manipulations via futures at Bitmex to cause such a cliff. High level people at Goldman and perhaps other banks probably knew about this decision well in advance of the announcement and perhaps took the time to short or sell their bitcoin en mass right when or right before this announcement happened before anyone else had a chance to react. If the SEC wants to investigate insider trading, this is the place and time to do it.
Goldman Sachs CEO says its “Arrogant to assume Cryptocurrency will fail”.
Goldman Sachs CEO came out and said it was “arrogant” to assume cryptocurrencies will fail and that investors need to keep an eye out for it as an emerging asset. He even went on to say that just like Gold and Silver in the past had transitioned to paper money. Digital currencies like Bitcoin may one day replace paper money. This is a big statement from the CEO of one of the biggest financial institutions in the world. Although I do agree with him that paper money will one day be somewhat obsolete(it already in some ways is because everything is handled digitally with credit now), it is very surprising to hear this from a big name in the banking sector who have been somewhat less than welcoming to the era of cryptos. However, many smaller banks have already caught on and Goldman is a pioneer when it comes to the big banks as they’ve been much more supportive of it than other institutions like Bank or America or J.P. Morgan. However, those banks can’t hold off the wave forever and eventually they will need to come around as well.
Goldman Sachs makes first hire in Crypto Markets Unit
As CNBC reported, Goldman Sachs just made its first fire in its new crypto markets unit, signaling even further that one of the largest investment powerhouses is taking Crypto very seriously and is looking to offer cryptocurrency investing opportunities to its clients. I love news like this because it signals that big institutional money is ready to come into the crypto market which would drive the prices way up. I do believe that other banks and financial institutions will follow suit because once they see the money that Goldman is making, they will not be able to stay out and lose on the profits. With institutional money comes institutional political power which will make it harder for governments to slap random regulations on cryptocurrencies and will calm the markets a bit and prevent giant sell-offs based on fear. When the big institutional money comes in, the credit card companies will have to jump in as well and actually support things like bitpay or litepay and that will trigger another bull run in the price. Despite all the setbacks lately, crypto is slowly creeping up on mainstream use and I think later this year, we will see far larger adoption and another large bump in the price. For those of you wondering when to get in, now is as good of a time as ever.