It’s now more than 12 months since rumours about how one of the giant financial institutions such as banks, and investment companies, would come out and open up a Bitcoin (BTC) business, and that expectation has thus far produced no significant results.
The current CEO of Goldman Sachs, David Solomon, confirmed in June that the financial institution has been clearing BTC futures purposely for its customers aiming at setting up a crypto trading desk in the near future.
However, Goldman Sachs may clear BTC futures with efforts from CBOE, CME and various futures market in the U.S, but won't hold onto the cryptoassets entirely owned by its investors or even make investments in the asset class acting for its customers without getting approval to function as a caretaker.
Last month, a Goldman Sachs executive, Justin Schmidt, revealed that the financial institution wasn’t able to get approval from the responsible local financial authorities, and this being the time when the lawful definition of ‘digital assets’ is underway and imminent.
It was utopian to hope that Morgan Stanley, Citigroup, plus other big financial institutions in the world financial space would brusquely start giving services in addition to BTC, and a lot of these banks probably saw a PR chance to change their public image as great innovative & forward-looking organizations.
Nevertheless, other bulls such as Fidelity and Goldman Sachs are weightily planning a long-term potential prospect of the market. The two companies will serve investors in the cryptocurrency market in the long run. With no doubt, all these major financial institutions acknowledge the public relations opportunity that welcoming and supporting this innovative technology would come with it.