Goldman Sachs after Bank of America took cryptocurrencies to the business risks

One of the world’s largest investment banks — Goldman Sachs called their connection with cryptocurrencies and bloccano potential business risk.

Last week Bank of America in the annual report acknowledged that cryptocurrencies pose a threat to its business model. The Bank noted that the risks need for additional costs to compete with new technologies, including virtual currency.

Goldman Sachs, which invests in companies associated with digital currencies (e.g., Circle, bought today a crypto currency exchange Poloniex), see their part of broader risks in addition to those associated with technology.

In its annual report for the 2017 financial year, Goldman Sachs sees risk to your business can be associated with the activities of its clients and the companies in which it invests.

“We can be exposed to risks associated with the technology of the distributed registry, for several reasons: because of our assistance to customers relating to financial products based on DLT technology, such as blockchain or cryptocurrency transaction; because our investments are in companies developing DLT-platform; due to the use of this technology by third-party vendors, customers, counterparties, clearing centers and other financial intermediaries”, — stated in the report of the Bank.

In December there were rumors that Goldman Sachs plans to launch a platform for trading cryptocurrencies. Already this year, the head of the Bank Blankfein Lloyd (Lloyd Blankfein) refuted these assumptions, but confirmed that they offer clearing of futures on bitcoin for some customers.

Specialists of the Bank cautioned investors from participating in the “kleptomania”, calling it a bubble more than the famous “Tulip mania” of the 17th century or “the dot-com boom” of the late 20th century. Moreover, the concept of a digital currency built on blockchain technology, they recognized the promising and noted that such money could have success as a currency in developing countries.


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