Goldman Sachs is Exploring Trading Bitcoin

Goldman Sachs is looking into a new operation for trading Bitcoin and other digital currencies. With a total market cap at about $150 Billion, cryptocurrency is becoming too big to ignore. Large banks who know blockchain technology will significantly change their roles as financial intermediaries are actively looking for ways to participate.

"In response to client interest in digital currencies, we are exploring how best to serve them in this space," a Goldman spokesperson said.

While JP Morgan hasn't given Bitcoin much formal coverage and CEO Jamie Dimon recently called Bitcoin a "fraud," Goldman's technical strategist has been publishing analysis on bitcoin price as the price has risen over 400% thus far in 2017.

Goldman Sachs has been much more progressive on Bitcoin and cryptocurrencies, along with Fidelity Investments who is now mining Bitcoin in their Boston offices and allows their customers to see their Coinbase Bitcoin, Ethereum and Litecoin holdings alongside their other investments in their Fidelity accounts.

Morgan Stanley, UBS, BNY Melon, State Street and several other major banks have begun focusing on blockchain technology by joining the Enterprise Ethereum Alliance and/or Hyperledger, but haven't yet focused on offering cryptocurrency trading services for investors.

What do you think? Who are the most progressive banks with respect to Bitcoin and cryptocurrency? What are the biggest threats and opportunities? What will happen to the price of Bitcoin if Goldman Sachs and other large banks start offering trading services and making it more accessible to investors?