Investing.com – Goldman Sachs (NYSE:GS) is reported to be weighing a new trading operation dedicated to bitcoin and other cryptocurrencies.
The Wall Street Journal said Monday that Goldman is in the “early stages” of the effort, adding that it may not proceed.
The trading operation could see input from Goldman’s currency-trading division and the bank’s strategic investment group, the report said.
This suggests that the firm sees bitcoin’s future more as a payment method rather than a store of value, similar to gold, the Journal said.
Bitcoin has soared in 2017, jumping from $969 at the start of the year to around $5,000 last month before pulling back.
Goldman’s interest in trading digital currencies could bolster the standing of the often controversial cryptocurrency market among investors.