Goldman Sachs and Other Big Banks Predict a Bright Future For Bitcoin
American Financial Giant Supports the Digital Currency
The PDF report, which is titled “The Future of Finance: Redefining The Way We Pay in the Next Decade”, shows a trend and predicts a high growth in using Bitcoins over the next few years. They say that fast and almost free of charge transactions are the main advantages to using this digital currency and also the main threat to payment systems such as Western Union or MoneyGram. Analytics by the bank forecasts that the current payment industry is going to face disruption.
Furthermore, the best evidence Goldman Sachs provided was an announcement about Bitcoin’s future and its investment in a Bitcoin-related company. A month after the report was published, Goldman Sachs along with a Chinese investment company, IDG, announced a huge investment in the company, Circle Internet Financial. This company tries to develop the consumer usability of Bitcoin. They state that sending money should be as easy and fast as sending an email or a text message by mobile phone. The bank invested more than $50 million in the development of Circle’s business to help extend into new markets such as China. Some time ago, other Bitcoin startups also claimed that they had received investment from banks but Goldman Sachs is the biggest to date.
Big Banks in Europe Believe in Bitcoin
Another well-known and respected international bank has announced itsin PDF format in relation to the Bitcoin network. Credit Suisse claims that Bitcoin will be very useful “combined with traditional financial systems”. They say it may become a good competitor to providers like Western Union due to its high transaction speed and low fees. At the same time, Credit Suisse predicts that the cryptocurrency can be especially popular in countries where national currencies are unstable and not reliable.
Moreover, the Bank of England announced its ownregarding Bitcoin. They said in a PDF report that cryptocurrency would change the financial industry, particularly in the field of money transference. It said: “While the alternative finance sector is currently small in absolute terms, it is growing rapidly”.
Our Point of View
What does it mean for the Bitcoin network and its future?
It means that even the leading financial institutions are about to begin accepting Bitcoins existence and they are going to have to adapt their businesses to the new market conditions.
All they understand that businessmen, merchants, and vendors, will begin accepting Bitcoins more and more over the next few years. Today, there is approximately 100,000 merchants who accept cryptocurrency as part of their business. This number is going to increase significantly; this is the reality of the market. If large companies are to keep afloat, especially financial institutions, all they definitely need to adopt these new technologies.
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