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Goldman’s Double U-Turn

Apparently, Goldman is not really taking a U-turn on cryptocurrencies. The rumour that the Wall Street giant decided to hold back on the cryptocurrency trading desk led to a price meltdown across the board on Wednesday. However, Goldman CFO Martin Chavez called it ‘fake news,’ and, added that the bank is, in fact, exploring the idea of a Bitcoin derivative for its clients.

The CEO of Twitter and Square, Jack Dorsey, wants to use ‘blockchain technology’ to curb ‘fake news.’ Ironically, however, it was ‘fake news’ that led to the recent sharp fall in Bitcoin’s price, even as bitcoin remains arguably the most important protocol of our lives that leverages blockchain technology.

Meanwhile in Crypto Wonderland….

“Another One” Coinbase is reportedly exploring options to create a crypto ETF with the help of Blackrock. According to sources, the firm has recently held discussions with members of BlackRock’s blockchain working group to examine the opportunity. This new information stands in stark contrast to Larry Fink’s earlier remarks on Bitcoin and crypto.

“Fake News Strikes Again” Yesterday’s sharp decline in crypto prices across the board was majorly attributed to the news that Goldman Sachs was indefinitely pulling back its plans to open a crypto desk. As it turns out, that news was fake or ill construed. In recent interviews, the CFO of the US bank suggested that the story was made up.

“Millennials Lead the Charge” A recent survey conducted by YouGov, a US data services firm, suggested that almost 80% of the American population is now aware of at least one cryptocurrency. Moreover, almost half of all surveyed millennials said they would be interested in using cryptocurrencies and move away from the US Dollar.

“Ahead of the Curve” In another step towards mainstream adoption of cryptocurrencies as an asset class in Uzbekistan, the president signed a decree which legalizes activities conducted by crypto exchanges and trading. The decree suggests that cryptocurrencies will be regulated separately from securities under special acts.

“Join the Pack” Furthering the trend of cryptocurrency firms such as Bitmain and R3, which are actively looking at IPOs for financing, Robinhood recently announced its intentions of going public. The firm has been undergoing audits by US regulators and is now on the lookout for a new CFO to lead the charge.

What We Are Reading / Listening To

Cryptocurrencies are Money, Not Equity by Brendan Bernstein

Understanding Token Supply and Market Cap, and Why Supply Schedule is Important  by Messari

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