Posted 8 months ago | by Ben Armstrong
Goldman Sachs is Bi-Polar on Bitcoin – Prop Token Will Probably Flop
Wall St. seems to be reluctantly warming up to cryptos, but Goldman Sachs appears to be having a hard time making up its mind. After the mega-bank's anti-Bitcoin rant earlier this year, it is reportedly working on its own blockchain platform that would allow people to use Goldman tokens.
There isn't much info about the Goldman token to go on, so much of what is banging around in the media sphere is heavy on speculation. The bank may just be trying to keep up with rival JP Morgan, which is also working on a token that is based in blockchain.
There are, of course, some possible issues that may impede US mega banks from rolling out their own tokens.
Central Bank Digital Currencies (CBDCs) are one reason why people may shy away from bank tokens, but there are a few others – like the fact the JP Morgan and Goldman Sachs are some of the most morally compromised entities on the planet.
Goldman Sachs isn't a Great Role-Model
Goldman recently settled with the government of Malaysia over the 1MDB scandal, wherein the bank helped abscond with billions of dollars in development funds that were destined for state infrastructure projects.
This isn't the first time that the bank has been the subject of legal scrutiny, and it was once called a 'Vampire Squid' by author Matt Taibbi.
The idea that anyone would trust Goldman with a token seems like a strange idea, but when it comes right down to it, most people blindly trust the banking system, so maybe it isn't such a crazy idea after all (the Author will not be buying Vampire Squid tokens).
Bitcoin Keeps Growing
Whatever the fate of mega bank tokens, Bitcoin just keeps on gaining in popularity.
Catherine Coley, the chief executive of Binance.US, told Forbes,
"What’s exciting and innovative about cryptocurrency is that it creates opportunities for people from every walk of life to acquire wealth...The time is ripe for mass adoption—the past week’s rise in the price of bitcoin, the expansion of this industry during a lockdown that caused strain on nearly every other sector of the economy.”
The simple fact is that people want something different. Banks like JP Morgan and Goldman have hand-in-glove relationships with the US government, as the current US Treasury Security demonstrates all too clearly.
Trying to cash in on the popularity of decentralized technology might work if the platform is in-line with the original goals of Bitcoin – but if it is some shoddy attempt to use cryptos as a way to launch the Vampire Squid token...good luck.
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