‘Fake News?” Manipulation? Misinterpreted? Hmmmm, and Goldman Sachs is involved or, at least, the center of all this. Remember way (WAY WAY) back to like……..a week ago? That’s when Bitcoin started a new move higher and got to just about $7,500 when out of the blue an article appeared saying that Goldman was NOT going to build a bitcoin trading desk. Bitcoin began a dive to $6,000. But then, Goldman’s CFO (Martin Chavez) said that original headline was ‘FAKE NEWS’. Goldman still has plans in the bitcoin (crypto) area. Take a read and join the conspiracy club…
(Bill Taylor/Fintek Capital)
“‘Fake news’ — that’s how Goldman Sachs CFO Martin Chavez characterized a report that the investment banking giant was shelving its much-hyped plans to build a bitcoin trading desk.
Speaking this week at TechCrunch Disrupt in San Francisco, Chavez sought to put to rest speculation that Goldman, the fifth-largest bank in the U.S., was quietly shuttering its bitcoin operation before it even got off the ground.
“I never thought I would hear myself use this term but I really have to describe that news as fake news,” Chavez said, according to CNBC‘s coverage of the event.
Citing unnamed sources familiar with the matter, Business Insider had first reported that Goldman was deprioritizing launching a bitcoin trading desk, responding to a still-murky regulator environment for cryptocurrency trading.
Even so, the report stressed that Goldman was not abandoning its nascent cryptocurrency operation. Rather, it said that the bank was choosing to focus on other products, most notably a custody product, which would allow institutions to store cryptoassets with the firm.
On his part, Chavez said that Goldman wasn’t scaling back its roadmap — which he said was never actually set in stone — and that the bank specifically plans to create a bitcoin derivatives product that functions similarly to the cash-settled cryptocurrency futures contracts currently available on Chicago-based exchanges CME and CBOE…”