Ms. Yared said Goldman had concluded that Bitcoin is not a fraud and does not have the characteristics of a currency. The ultimate decision to begin trading Bitcoin contracts went through Goldman’s board of directors. He will initially be placed on Goldman’s foreign currency desk because Bitcoin trading has the most similarity to movements in emerging market currencies, Ms. Yared said. Since the crisis, Goldman has made a big push to position itself as the most technologically sophisticated firm on Wall Street. The virtual currency trading, though, will be available only to big institutional investors.

Source: New York Times May 02, 2018 21:00 UTC