Goldman Sachs is flirting with bitcoin trading

Goldman Sachs CEO Lloyd Blankfein.

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Goldman Sachs CEO Lloyd Blankfein.
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Kena Betancur/Reuters

Goldman Sachs is flirting with the idea of setting up a bitcoin trading shop.

The Wall Street powerhouse is in the very early stages of potentially setting up a bitcoin trading operation, according to a report by The Wall Street Journal’s Paul Vigna, Telis Demos, and Liz Hoffman.

“In response to client interest in digital currencies we are exploring how best to serve them in this space,” a Goldman spokeswoman told The Journal.

If Goldman follows through, it will be the first blue-chip financial services firm to break into the cryptocurrency market, which this year has exploded in value.

Goldman’s C-Suite has kept pretty quiet about digital coins. The rest of Wall Street has mixed reviews. On one hand, JPMorgan CEO Jamie Dimon called bitcoin “a fraud” and likened it to the tulip-bulb bubble of the 1600s. On the other, James Gorman, Morgan Stanley’s CEO, has taken a more moderate position on bitcoin, saying last week it was “more than just a fad.”

Bitcoin, the largest cryptocurrency by market cap, is up 360% this year.

Read the full Journal report >>

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MI