At an event, CEO Lloyd Blankfein said there was no imminent need for Goldman Sachs to develop a strategy around bitcoin, which rose to an all-time high of $11,395 on Wednesday only to lose one-fifth of its value on Thursday. “Something that moves up and down 20 per cent in a day doesn’t feel like a currency, doesn’t feel like a store of value,” Blankfein said at an event hosted by Bloomberg to promote Goldman’s 10,000 Small Businesses endeavour. Even so, Goldman has been looking at ways to facilitate bitcoin trades for customers. Established in 2009 as a digital currency not backed or regulated by governments, bitcoin was mainly supported by technology enthusiasts at first. But as its price has soared, traditional investors have entered the market, and major exchanges plan to introduce bitcoin futures contracts.

Source: The Express Tribune December 01, 2017 08:51 UTC