Goldman Sachs Finally Recognizes the Power of Blockchain Technology

Goldman Sachs Finally Recognizes the Power of Blockchain Technology


In the most recent initiative to promote

its acceptance of Blockchain technology, one of leading US investment banking institutions, Goldman Sachs, has set up a microsite dedicated to explaining the benefits of Blockchain technology.  It was then followed by a tweet on July 1 which clearly sends a message of the banking giant finally embracing the same technology

that powers Bitcoin. 

Trusted, secure, efficient — why #blockchain could revolutionize how we work together

The page was created for the purpose of giving people an idea of how Blockchain technology is used and how cryptocurrencies like Bitcoin run on these programs. One of their key messages include Blockchain technology’s security feature: Blockchain is designed to store information in a way that makes it virtually impossible to add, remove or change data without being detected by other users.

Goldman Sachs on Blockchain-based projects

Although the financial sector has not really been very keen on cryptocurrencies for quite a long time, Goldman Sachs has been involved in some Blockchain technology based companies like Circle and even Digital Asset Holdings. While the banking giant has been helping startups such as these, it is just now that they have formally announced their acceptance of Blockchain technology.

Blockchain's future in finance sector

Despite its price volatility, there is no doubt that Blockchain technology is making waves in various industries, including finance. In fact, a report by Accenture shows the cost data of eight of the world’s largest investment banks states that Blockchain technology could help reduce the costs of investment banks by as much as $12 bln per annum by the time 2025 comes. This is a big thing for investment banks because not only will this new technology help make the transaction of data safer and more secure, but it will also help drive the costs down.

The foray of mainstream banking, financial and technology giants into the cryptocurrency sector showcases the promising future of Blockchain technology and its applications in various industry segments. The initial wave was caused due to the increasing threat to conventional banking methods by Bitcoin, which could execute cross-border transactions much faster at a much cheaper rate while staying decentralized the whole time. Now, with the capabilities of cryptocurrency technology well-known, could its widespread implementation will be expected in the next 3-4 years?

Chuck Reynolds

Marketing Dept
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Alan Zibluk – Markethive Founding Member

Bitcoin Could Hit Near $4,000: Goldman Sachs’ Chief Analyst

Bitcoin Could Hit Near $4,000: Goldman Sachs' Chief Analyst


Bitcoin Could Hit Near $4,000: Goldman Sachs’ Chief Analyst


Although bitcoin price has grown 3x at peak levels this year, better gains are yet to come, according to Goldman Sachs’ chief technician.


Bitcoin has been on a historic tear in 2017. After ringing in the year at $1,000 on the very first day of January, bitcoin price reached an all-time high of $3,000 in mid-June. The remarkable rise amid an overall boom period for cryptocurrencies has seen skepticism from some observers who have pointed to inflated values amid accusations of a bubble. Others are looking at more bullish gains.


In a note sent to clients, Sheba Jafari – Goldman Sachs’ head of technical strategy predicts bitcoin to climb higher, ultimately getting near $4,000.


Jafari, who was persuaded into covering bitcoin by Goldman Sachs’ clients recently, sees the current corrective course to tread longer with upward gains to be the ultimate outcome.


Jafari, who is also the vice president of the investment bank’s securities division, sees bitcoin “still in a corrective 4th wave”, as reported by the Business Insider.


That fourth wave “shouldn’t go much further (lower) than $1,857”, the head analyst told her Wall Street clients.


The upcoming 5th wave is to take a bullish turn, according to her analysis.


She wrote:


From current levels, this has been a minimum target that goes out to $3,212. There’s potential to extend as far as $3,915. It just might take time to get there.


It was “due to popular demand” that Jafari began covering bitcoin a month ago. The first analysis, in comparison, was a more bearish take based on price trends at the time.


As things stand, bitcoin is up 5.28% on the day, according to data from CoinmarketCap. The cryptocurrency is trading at $2573 on a global average and struck a high of $2,601 on Monday, a 7-day high following the downward turn a week ago.


On Bitstamp, bitcoin hit a high of $2,595 on Monday.


David Ogden

David Ogden


Author:Samburaj Das

Alan Zibluk – Markethive Founding Member