Market Analysis

Goldman Sachs CFO ‘Martin Chavez’ Denies CNBC’s Fake News.

Denying the CNBC’s recent report on yesterday, Goldman Sachs CFO ‘Martin Chavez’ stated that the reports concerning the company’s plan to abandon a digital currency platform is a fake news. Goldman Sachs is the worlds leading investment banking company headquartered at US.

At the TechCrunch Disrupt Conference held recently in San Francisco, CFO ‘Chavez’ reportedly mentioned that reports concerning the company’s intentions for a crypto trading platform were unfounded:

“I never thought i would hear myself use this term however i actually need to describe that news as faux news.”

Rumors that company’s has planned to setup a crypto-focused unit by end of 2018 were firstly announced by Bloomberg in Dec. last year. However, on Sept. 5th , Business Insider mentioned that unknown sources mentioned that the firm is scrapping its upcoming crypto desk plans because of the unclear regulative environment within the crypto ecosystem. Chavez steered that the thrill over a possible trading desk might be premature. On the other hand, CNBC further quoted him saying:

“When we talked concerning exploring digital assets, it had been related to be exploration that may evolve over time. Perhaps somebody who was wondering about our activities here got terribly excited that we’d be creating markets as principal and physical Bitcoin, and as they got into it they realized part of the evolution but its not here nevertheless yet.“

While Goldman has been clearing and providing liquidity for Bitcoin-linked futures contracts from the CBOE and CME, Chavez mentioned that their must be a reliable custody plan before the bank, processes physical Bitcoin (BTC).

Mentioning further he added:

“Physical bitcoin is enormously fascinating, and difficult. From the attitude of custody, we do not yet see an institutional-grade custodial resolution for Bitcoin, we’re curious about having that exist and it is a long road from now.”

This fake news rumour somehow seems connected to yesterday’s unexpected crypto market downfall i.e. on 6th Sept.

Leave a Comment

Your email address will not be published. Required fields are marked *