Rumor has it that the largest bank in the United States Goldman Sachs planned on opening an institutional crypto desk. However, the rumor was broken by CEO David Solomon and in the latest cryptocurrency news today we read more about it.
Goldman Sachs CEO explained to the House Financial Services Committee hearing that the bank never had intentions on opening a crypto trading desk. During the hearing, Solomon explained that the bank never had a real plan to launch the trading desk but he blamed Bloomberg of expanding the rumor.
The Bloomberg story came at the perfect time during the bitcoin bull market in 2018 when Bitcoin reached $20,000.
“That Bloomberg article was not appropriate. Like others, we are watching, plus doing work to try and understand the cryptocurrency marketplace as it develops. We have some clients that have certain functionality that we’ve engaged with on clearing physically-settled futures. But other than that, we never had plans to open a cryptocurrency desk.”
Goldman Sachs CEO added that the bank may open a crypto trading desk in the future but currently is not the right time. He believes that the market is filled with con artists and issues that the crypto industry needs to fix first.
Initially, all of the bitcoin supporters were excited to hear the reports in 2017 about Goldman Sachs opening a trading desk since the bank has about $1.5 trillion under management. They believed that this could boost the price of bitcoin eve higher. During the crypto winter, almost every institutional bank started backing away from cryptocurrencies.
As one of the best cryptocurrency news sites previously reported, Travis Kling, a well-known fund manager believes that the bear market is history. He claims that the BTC rally was spiked by the growing distrust of the Federal Reserve. Kling even stated that he believes more people will choose bitcoin as they will lose trust in the Federal Reserve because of bad fiscal policies.
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Economist Nouriel Roubini Slams BitMEX For Money Laundering
“BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere; the exchange does nothing to stop this, as it profits from these transactions.”Roubini noted that ‘’crypto land has become an unregulated casino where the unchecked criminals run riots.’’ However, a paper published by the economist and professor Edgar L Feige says that the majority of the crime is financed by cash-not cryptocurrencies. The Europol and the United States Senate also prove him wrong. His attack on Bitmex was based on the fact that the exchanges are unregulated businesses. For this reason, he noted:
“Hayes has denied this, but because BitMEX is totally unregulated, there are no independent audits of its accounts, and thus no way of knowing what happens behind the scenes.”The Economist Nouriel Roubini believes that BitMEX only operates in the United States but in reality, it turns out that the exchange is not ‘’totally unregulated.’’ Every business decides to open where the laws are most convenient. This means that the exchange is not illegal and this has always been the case. There are also many companies and corporations around the world who pour money into Swiss accounts for example where there are low taxes. Roubini kept on saying that BitMEX supports up to 1:100 leverage and that these operations can be very harmful. In many cases, the clients of the exchange could end up in transactions without being aware of the risks:
“Arthur Hayes, boasted openly that the BitMEX business model involves peddling to “degenerate gamblers” (meaning clueless retail investors) crypto derivatives with 100-to-one leverage…It is little wonder that, according to one independent researcher’s estimates, liquidations at times account for up to half of BitMEX’s revenue.”As reported previously in the latest cryptocurrency news, Arthur Hayes has still not responded to these accusations.
Blockchain In Healthcare To Reach $1.7bn By 2026: Report
"The Asia Pacific is expressing the fastest growth for the blockchain in healthcare market due to the presence of huge opportunities and the presence of fastest growing economy. Japan is an important blockchain in healthcare market, with a mature market, large population, completed infrastructural facilities and high-leveled skilled labor. During last few decades, Japan has emerged as a country for the origin of new and advanced technology. The Japanese government has supported a number of companies to introduce the new technology. Japan accounts for roughly 40% of the global market for sensors, which is a central component of IoT technology," the report notes.The latest cryptocurrency news show that the rate at which blockchain is adopted is more than just impressive.
Tor Internet Privacy Project Launches BTC Donation Fund
‘’I will always remember how @BtcpayServer facilitated the #weareallhodlonaut fundraiser. Now they are powering a super important fundraiser for @torproject If you value privacy and online freedom, please consider donating!’’The official website noted that the funds which will be gathered from the campaign will go directly to the Ledger Nano S Wallet address of the project with no fees or intermediaries. There is also a video on the website which explains how Tor works and why people should use it in order to be safe on the internet. The advantage of donating in BTC is that there are no rounded up figures that you must donate so everyone can donate what they can afford. There are no banks or PayPal like intermediaries as well. The team is on their way to reach the $7,000 goal after more than 200 contributors donated to the project. Two of the contributors even donated more than a thousand dollars in bitcoin. The awareness through media exposure will also help the campaign since the compassion or this project is really high. In only one day, 65% of the target was already gathered. BitPay also tweeted a couple of hours later that a third of the donations arrived with the help of the Lightning Network:
‘’36% of donation amount via lightning network. Quake sounds played in the crowdfunding is making 10 donations of 5 USD via lightning way more satisfying than making 1 donation of 50 USD. Only possible via lightning!’’As noted in the best cryptocurrency news sites, the company is a non-profit one and relies only on donations.
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