Goldman Sachs Explores The Creation Of Its Own Coin

You may recall that not too long ago, Goldman Sachs said that Bitcoin is not a viable investment and now it seems that they are considering whether they should create their own digital coin.

Back in May, Goldman Sachs told clients that it does not recommend anyone to invest in Bitcoin and said that BTC is not an asset class.

Goldman Sachs explores the commercial viability of creating its own crypto

Now, in a new interview with CNBC, Managing-Director Mathew McDermott says the investment firm is exploring the commercial viability of creating its own digital asset that would be pegged to fiat currency.

He also explained that he is visualizing a future where the world’s financial assets are based on electronic ledgers, much like how cryptos are working today.

“We are exploring the commercial viability of creating our own fiat digital token, but it’s early days…” he said.

He continued and said that “In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on-chain. So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies.”

“And that can be debt issuances, securitization, loan origination; essentially you’ll have a digital financial markets ecosystem, the options are pretty vast,” he believes, as cited by the online publication the Daily Hodl.

Speaking of Bitcoin, the king coin is currently still in the hands of the bulls. At the moment of writing this article, BTC is trading in the red and the coin is priced at $11,680.06.

Bitcoin bull run on its way

Earlier today, it’s been revealed that Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin’s adoption among mainstream investors is on the rise.

He is expecting an advantageous macroeconomic landscape to sustain a Bitcoin bull run.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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