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Goldman Sachs has pumped the brakes on its proposed crypto trading desk. Earlier this year, the investment bank hoped to begin trading bitcoin by the end of the third quarter. But its plans never came together. So now it’s moving on to crypto Plan B – building a custody solution for institutional investors.
The market – as usual – is overreacting to this news. As I write this, bitcoin is down about 6%. Ethereum and litecoin are both down double digits.
“Now, some of the brightest minds in the industry are working on building the infrastructure necessary to let that happen. It’s just a matter of time. And when the institutional money does start flowing, prices will soar. ’’.
Institutional money is eager to get into the crypto market. The pent-up demand is definitely there.