Bitcoin Divides Wall Street

Wall Street is suffering from a great divide, thanks to Bitcoin. It is one of the most spoken about topics on the market, and it is sparking a great divide between those who believe the currency is somewhat doomed, and those who believe that it has a great future.

Those who believe that it has a future… 

Goldman Sachs is one company who are really championing the future of Bitcoin. Although initially, they took their time to come around to the digital currency, they are exploring a new trading platform that is centred on trading both Bitcoin and Ethereum. This platform will be run by the Chief Executive Lloyd Blankfein, and comes just weeks after rival bank JP Morgan Chase & Co. chief executive Jamie Dimon declared Bitcoin ‘a fraud’. Despite this, all is not necessary as it seems with JP Morgan, and despite their CEO threatening employees if they are caught being involved in Bitcoin, they have also been experimenting with some of the blockchains – the essential infrastructure that underpins the digital companies. Fidelity Investments is another company that has taken a bold step for Wall Street, and are championing Bitcoin.

The CEO Abigail Johnson has taken the step of making cryptocurrency balances visible on the investment manager’s website, for all customers that hold an account with Coinbase. Finally, Morgan Stanley is another who firmly believe that Bitcoin has a strong future. Although they did not discuss plans regarding their involvement in the cryptocurrency, the CEO James Gorman said that her saw Bitcoin as “certainly something more than just a fad”.

Those who don’t…

Like we have previously discussed, JP Morgan have rather conflicting opinions regarding the future of Bitcoin, but it cannot be ignored that CEO Jamie Dimon declared the cryptocurrency as “a fraud” that would “eventually blow up”. In fact, his opinion coincided with the ban of ICO’s in China, and is said to be one of the catalyst factors in the recent price drop.

He went on to say, “It’s worse than tulip bulbs and won’t end well”.

Jordan Belfort also agrees with Dimon’s assessment of Bitcoin, taking his concerns further and voices that he is unsure of the security surrounding the cryptocurrency. How it will play out is the question on everybody’s lips; but it is safe to say that the future of this cryptocurrency certainly has the financial world divided.

References and Further Reading:

• CoinTelegraph; Wall Street Great Bitcoin Divide
• MarketWatch; Bitcoin is creating stark divisions on Wall Street
• Steemit; The Bitcoin divides Wall Street