Goldman’s Cryptocurrency Ventures Will Inspire Other Banks, Says Venture Capitalist

Investing, News, Opinion | May 4, 2018 By:

The big banks of Wall Street will follow the recent Goldman Sachs move into cryptocurrencies, said a prominent venture capitalist.

Spencer Bogart, a partner at Blockchain Capital, said the momentum is finally leaning toward big institutions joining the cryptocurrency party. “That’s what a lot of banks do, follow what Goldman does,” Bogart told CNBC.”Most of these banks have heard about the numbers or seen the numbers that companies like Coinbase and Binance are putting up. There’s a real risk that some of those companies could overtake some of Wall Street’s biggest banks if they don’t get in the market.”

The comments follow news earlier this week that Goldman Sachs is opening its first bitcoin trading, dipping its toes into the futures market. Bogart called it “definitely a big step” for the market.

“This market is so large you can’t ignore it anymore,” he said. “Now we’re seeing large banks roll out trading desks.”

The best news is the number of people who are still not in the market, Bogart said, adding that within five years, “way more people will be newly buying bitcoin for the first time.”