Bitcoin Trading Operations
Bitcoin continues to gain popularity all over the world. Meanwhile, success is said to be the technology that requires effort and dedication. If you want to gain rewarding results from investing in Bitcoin, you must be familiar with different trading operations. Here, you will learn how to deal with transactions and how you can benefit from it.
The following are some of the popular trading operations in the world of Bitcoin.
Golden Sachs, one of the most popular names in the finance industry is now planning to open a bitcoin trading operation. He is now ready to take risks and make plans to set up the first trading operation of bitcoin at Wall Street bank.
The bank will start to use its money with its clients for trading operations. However, Goldman is not initially selling and buying actual bitcoins. The team at the bank will look if it is regulatory approval and find out how to deal with more challenges and risks about the virtual currency.
Justin Schmidt is the one who will run the bitcoin operation of Goldman Sachs. Mariana Lopert-Schaye is the vice president of principal strategic investments, and Neema Raphael will lead the research and development. The firm is also finding solutions to conduct bitcoin operations wherein customers can be free from hackers just like in other bitcoin exchanges.
Citigroup is currently hiring bitcoin pros to reduce the risks in cryptocurrency. The firm continues to seek bitcoin professionals to avoid money-laundering in the world of cryptocurrency. Unlike firms like Goldman Sachs and Morgan Stanley, the Citigroup doesn’t immediately make clear bitcoin future trades for its investors. In fact, they banned clients from making cryptocurrency related purchases with the use of its credit cards. Citi is seriously focusing on the risks that may happen to the market of digital currencies.
Bank of America
The team of the Bank of America Merrill Lynch researchers is discussing considering bitcoin as one of the greatest asset price bubble in the world. The bitcoin’s price was almost 60 times compared three years ago. The CoinDesks’s Bitcoin Price Index stated that the bitcoin peaked around $19,783 last December 17 where it trades around $6,835.
Meanwhile, last February, the Bank of America considered crypto as a business risk. According to them, the bitcoin technology can hinder the second-largest US bank’s capacity to comply with regulations to stop money laundering, pose a competitive threat, and insist that the company spend much for operations.
According to the company, the emerging innovative technologies like bitcoin and other cryptocurrencies sets limitations to monitor the movement of funds. They added that their power to comply with those laws depends on their ability to enhance detection and report capabilities. Furthermore, it also depends on their power to control procedures and oversight accountability. Meanwhile, the Bank of America is considered as one of the US banks that currently banned credit card purchases of cryptocurrency. However, the bank doesn’t restrict the crypto purchases with debit cards. The bank is based in Charlotte and was a prolific filer of applications for bitcoin technology concepts.