Goldman Sachs getting into Bitcoin?
(Bitcoin is currently over $13,000)
Goldman Sachs is looking to open up a Bitcoin trading desk. The outlook is Goldman would attract a lot of money to the crytocurrency.
Like the dotcom mania brought down the NASDAQ and other markets, I can see bitcoin triggering a contagion to disrupt the markets. Once bitcoin futures start trading, I can see an eventual crash in bitcoin. People on margin and leverage will be forced to liquidate other shares to make up for the loses. Because in a correction/crash, quality stocks get sold as well as the garbage to raise funds, smart money will have a great opportunity to scoop up cheap shares of quailty stocks. Granted, this won't happen today or tomorrow, but it will happen. Everyone will be in, a panic happens, everyone runs for the exits and no one is buying. Seen it before.
Keep some powder dry.
