Monday, June 12, 2017

Time to either be scared or ride the wave as Goldman Sachs and hedge funds now charting Bitcoin

Remember back so many years ago... like in 2010 and 2011 when Bitcoin was little more than a fringe idea left for anarcho-capitalists and hippies in New Hampshire to use as an underground means towards funding their online radio stations and Freedom Festivals?  Or when television shows like Almost Human referenced it as an alternative currency used outside the purview of the state?




My how times have changed in just a few short years, and now Bitcoin has become globally known as the easiest and safest way to transfer money without going through a bank or being monitored by the state.

Yet perhaps the biggest fear for the Bitcoin community is that either the banks themselves would seek to financialize the cryptocurrency for their own purposes, or governments would find it a threat to their hegemony and seek to regulate, restrict, or even outlaw it completely.  And one of these fears may be coming to pass as the most corrupt of the banking establishments has suddenly changed course and is covering Bitcoin for their clients and investors.
It's official: not only has bitcoin officially made its way to Wall Street, but confirming rumors that emerged over the weekend, "hedge" funds - starved of volatility in virtually all other asset classes -  are now not only actively trading the volatile digital currency, but as clients of the vampire squid, have petitioned Goldman's chief technician, Sheba Jafari to start covering it. 
In the report that Goldman released this afternoon ago, Jafaru concludes that "the balance of signals are looking broadly heavy" with the following view: "wary of a near-term top ahead of 3,134. Consider re-establishing bullish exposure between 2,330 and no lower than 1,915.
In other words, Goldman is bearish. Which probably means that bitcoin is set to make new all time highs shortly. - Zerohedge
For Bitcoin owners, they can only hope that simply charting and brokering Bitcoin for their clients is all that Goldman Sachs chooses to do, because if they come to the decision that the cryptocurrency is worthy of financialization, the get ready for a set of derivative products that will corrupt the natural pricing mechanism of Bitcoin the same way gold and silver are manipulated through paper futures trading.

2 comments:

As i think people are no longer afraid to use bitcoins. 10 years ago we had a fear of being cheated but everything have changed. Bitcoins now is the most convenient and fast way to pay for something online. When i asked for math homework help online i was convinced of this fact.

At its current market cap, GS acquire a substantial ownership of Bitcoin for its clients. They just have to figure a way to capitalize on commissions of the purchases.

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