Bloomberg, yesterday published the first mention of Goldman Sachs exploring how they might venture into the world of cryptocurrency. This is good news for Bitcoin. Unlike JP Morgan Chase’s Jamie Dimon’s strategy to demonize Bitcoin as company policy, Goldman Sachs is looking for ways to service customers who wish to trade Bitcoin. It seems from news reports that JP Morgan Chase customers have already been trading Bitcoin.
The market cap for Bitcoin is $70B with 16M active Bitcoins. If Goldman Sachs customers were to bring one billion dollars into the Bitcoin marketplace, that would raise the price per individual Bitcoin $63.00. Imagine if another ten brokerages brought their customers into Bitcoin following Goldman Sachs over the next year and another $40B entered into the Bitcoin marketplace. That would raise the per Bitcoin price by $2409. At today’s price of $4246, Bitcoin would trade at $6655. Not bad for a year’s appreciation.