Monday, February 26, 2018

Cryptocurrency sector increasingly being swallowed up by Wall Street as Goldman Sachs backdoors into a cryptocurrency exchange

If you can't beat them, co-opt them.  This is a Daily Economist modification for a well known axiom.  And when you are Wall Street and cannot do the former, then what remains is to simply take over a given industry, asset, or paradigm to then control it yourself.

Wall Street's co-opting of the cryptocurrency sector began in earnest back in December when the CME issued its first Bitcoin futures contract.  And now just two months later, Goldman Sachs of all entities has expanded this foundation through a company it backs in the purchase of a cryptocurrency exchange.

Circle, a cryptocurrency-focused financial-services firm, will announce today that it is buying crypto exchange Poloniex—a move that immediately makes Circle one of the largest and most influential companies in the industry. Fortune’s Robert Hackett profiles a company that hopes to leverage the technology behind Bitcoin to become the bank of the next century. - Fortune
Ironically this move appears to have been taken well by the cryptocurrency markets as Bitcoin spiked back over $10,000 per coin shortly after news of this takeover came out.

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