Anybody privy to the cryptocurrency world knows that rumors about currencies and even the market as a whole are a dime a dozen. Half of the news coming out of China, for example, is either fake, or intended manipulation. And now we have a similar case in the US with Jamie Dimon, JP Morgan CEO, calling Bitcoin a fraud last month and soon after being accused of market manipulation.

Well, I’ll let you poke your own holes in this…

The Wall Street Journal reported yesterday that Goldman Sachs is toying with the idea of trading Bitcoin. This would mark the first “big bank” to enter the trading market publicly. Many in the industry believe that the lack of Bitcoin mass adoption is what holds Bitcoin back from $100,000 or even more per coin, but it seems Goldman may be able to sway a lot of minds if they decide to get involved.

Before you toss this as another baseless claim, let me also mention that the CEO of Goldman Sachs Group, Lloyd Blankfein, tweeted about keeping an open mind about Bitcoin:

The price of Bitcoin has risen from about $1000 at the beginning of this year to over $5000 at one point, before pulling back to the mid $4000’s. There are over 70 hedge funds already known to be investing in cryptos. We are close to reaching $1 Billion being traded on crypto exchanges every day. And the amount of firms offering their services for brokering large crypto trades continues to grow.

As cryptocurrencies continue to gain in popularity, it will be hard for banks like Goldman Sachs, JP Morgan, and others to stay quiet. I’m no fortune teller, but my senses all point in one and only one direction…MASS ADOPTION is closer than we can imagine!

I’d love to hear what you think the price of Bitcoin a year from now.  Feel free to comment below this article.

 

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Peter is a senior at Ohio State University majoring in finance. He has recently taken an extreme interest in cryptocurrencies, yet remains skeptical of a lot of the alt coins. In his free time, he enjoys golfing and playing League of Legends. As of October 4, 2017, Peter successfully completed his goal of turning $1000 into $25,000 by trading cryptocurrencies which he set out to achieve in March 2016.