“We haven’t stopped our actions on bitcoin exchange” said Goldman Sachs CFO

“We haven’t stopped our actions on bitcoin exchange” said Goldman Sachs CFO

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As bitcoin rises and falls there are many speculative news coming up about it. Those rumors are mostly brought up by people and companies that have a lot of money and power, so they can shape the market in their own favor.

This exact thing has happened in the last few days where some news sources published news about Goldman Sachs, which is an important supporter of bitcoin, that they have stopped their action regarding development and improvement in the field of bitcoin exchange. Even though it’s not possible to measure the effects of that news but after the news came out bitcoin sank to its lowest value of last week.

Goldman Sachs CFO Martin Chaves, who attended the TechCrunch Disrupt conference in San Francisco last week, said in his statement that he has to describe the reports on them dropping their action on cryptocurrency exchange as “fake news”. Chavez who said “I never thought I’d hear myself actually use this term, but I’d really have to describe that as fake news.” also mentioned that they are researching the best ways for bitcoin - Fiat transactions and that their clients specifically request this.

These are derivatives, over the counter derivatives. They’re settled in U.S. dollars and the reference price is the Bitcoin U.S. dollar price established by a set of exchanges, the same one that’s referenced in the futures contracts, and we’re working on that now because the clients wanted physical bitcoin — something tremendously interesting and tremendously challenging. From the perspective of custody, we don’t yet see an institutional grade custody cases custodian solution for bitcoin.

Chaves didn’t speak about a timeline for when Goldman’s offering might be ready to not give space for any speculations.

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