The Vampire Squid’s Bitcoin Trading Desk

According to CNBC:

"Goldman Sachs is planning to get into the business of trading digital currencies such as bitcoin. The new trading desk would make markets in the cryptocurrencies and is set to get up and running by the end of June, if not earlier. The bank is still trying to work out security issues on how it would hold the assets, which are notoriously volatile and prone to hacks."

sowhat logoThe year ended with the big guys proving they got caught flat footed like everyone else with crypto. This does not portend any support to Bitcoin and other currency prices. Only that Goldman, who has been described as the Vampire Squid, wants to get in the middle and suck some blood from the Bitcoin frenzy. Sherman McCoy--wanting to take a crumb off each trade--is alive and well in the digital world.

Steve Williams
Cornerstone Advisors