Goldman CFO Calls Reports They Are Out Of Crypto Fake News

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Goldman CFO Calls Reports They Are Out Of Crypto Fake News

By Tom Whitbread
September 6th, 2018
  • Claims made by Business insider labelled Fake news
  • Goldman plans derivative products settled in US dollars
  • CFO said holding bitcoin ‘tremendously interesting’

Goldman Sachs CFO called reports they are planning to shut down their crypto trading desk ‘fake news’ and clarified the situation.

Earlier in the week, business insider published a report stating the future for crypto and Goldman was unsure and they are likely to scale down operations in crypto due to ‘ambiguous regulations’

Goldman’s Chief Financial Officer, Martin Chavez went on stage at TechDisrupt Conference in San Francisco, to settle the facts once and for all.

"I never thought I would hear myself use this term but I really have to describe that news as fake news," stated Mr Chavez. 

He also went on to say “The next stage of the exploration is what we call non-deliverable forwards, these are over the counter derivatives, they're settled in U.S. dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges, When we talked about exploring digital assets that it was going to be exploration that would be evolving over time,"

"Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical bitcoin, and as they got into it they realized part of the evolution but its not here yet." 

Regarding the Wall Street giant holding physical bitcoin Chavez said “Physical bitcoin is something tremendously interesting, and tremendously challenging, from the perspective of custody, we don't yet see an institutional-grade custodial solution for bitcoin, we're interested in having that exist and it's a long road."

Goldmans CEO Lloyd Blankfein tweeted in October that Goldman was "still thinking about bitcoin," and that the bank was "not endorsing/rejecting”