A source tells me “all or nearly all the Wall Street banks” are trading BTC for clients. He would know. He spent his career on Wall St. at inarguably the most important bank. He sees this as a “very important sign”.
As FX Street reports: “One of the leading investment banking gurus, Goldman Sachs is reported to be secretly registering customers for its impending Bitcoin trading product. The bank has already opened its doors to a handful of clients who will be actively trading. The bank will be offering a Bitcoin derivative that is similar to the futures contract not tradable on exchanges. In addition to that, Goldman Sachs is still exploring custody services for cryptocurrency assets.”
This week, former Fed chair Janet Yellen lambasted the whole Bitcoin experiment as “anything but useful”. This is high comedy: while she is out pulling a “Roubini”, her former subordinates are profiting from transacting the stuff. Such chicanery.
Funnier yet is the fact that Binance, one of the leading crypto exchanges globally, doesn’t have a bank account, according to their CEO CZ.
My source believes that due to the nature of the transactions the big banks are not tying up balance sheet for BTC usage but these transactions are of course recorded – look for them in coming quarterly reports.