Bitcoin and banking is a topic in itself. Satoshi Nakamoto developed BTC 2008/09 in the middle of the banking crisis. The crucial difference to everything the world has seen so far is that the system works without a middleman you have to trust. So potentially Bitcoin is a threat to the business model of banks.
No wonder then that most reactions from this sector are very critical of BTC and that this skepticism has so far been largely acted out in ignorance. But with the increased attention that BTC has received in recent weeks and months from the halving and corona crisis, this could now change. It has now been announced that Goldman Sachs will hold a meeting for its clients next week, which will also deal with Bitcoin. What exactly is therefore involved and what does it mean for BTC?
Bitcoin is arriving at Goldman Sachs
Goldman Sachs should be known to most as a company and a bank. However, a quick explanation: Goldman Sachs (GS) is a global investment banking and securities firm that advises super-rich, sovereign states and large corporations.
GS is one of 30 major banks that have been classified as systemically important financial institutions. In summary, Goldman Sachs has a great deal of influence in the financial sector and its actions set the direction for many others.
It has now been announced that GS will hold a call (meeting) on Wednesday, May 27th, at which, according to the invitation, Bitcoin will be discussed. The online event will not be open to the public and will only be accessible to clients of GS‘ Consumer and Investment Management Division.
BTC on an unstoppable march forward
But what does that mean for Bitcoin in concrete terms? The online event has not yet taken place, so of course it is not yet possible to say what content and opinion GS will present its customers on BTC. It is also questionable whether we will find out afterwards.
However, it is already possible to say that the very fact that Bitcoin has become so relevant that one of the 30 largest banks in the world has to talk to its customers about it is a great success for BTC. And that’s regardless of what GS thinks about Bitcoin.
As Henrik Andersson, Chief Investment Officer at Apollo Capital, an Australian crypto fund, says, this was unthinkable a few years ago.
The news from Bitcoin and Goldman Sachs fits the picture of the increasing institutionalization of recent weeks and months. It is possible that GS did not integrate BTC as a topic into the online event on its own initiative, but that customer demand was simply too great to continue ignoring Bitcoin as an asset.
The meeting will not go exclusively through BTC. The „Outlook for the US economy and the effects of current monetary policy on inflation and gold“ will also be discussed. So digital gold fits well into the topic.