Goldman Sachs confirmed this week the firm will soon begin to trade Bitcoin linked investments and Bitcoin itself later this year, as they await regulatory approval for direct bitcoin trades.
This news doesn’t surprise many in the crypto community as the rumor has swirled for quite some time, despite Goldman Sachs CEO Lloyd Blankfein saying last year digital currency is a “vehicle to perpetrate fraud.” Justin Schmidt, new to Goldman Sachs as VP and head of digital asset markets, has been tasked with managing the desk.
Big institutional money moving into the digital currency markets will be a game changer. We believe the first investments will be the coins with the largest volume and best utilitarian potential. Having small stakes in at least a few of the top 9 coins could provide some pretty exciting returns as other large institutional investors move in such as Morgan Stanley.
Here are the top 9 coins by market cap as of today:
Bitcoin Cash, BCH
Stellar Lumens, XLM
Two of our favorites are Ripple and Litecoin. We wrote about Ripple and it’s innovative technology saving financial institutions millions annually earlier this year.
Litecoin was created in 2011, forking from Bitcoin, but is much faster. Currently, Litecoin is testing it’s Lightening Network with payments. Bringing faster transactions at a much cheaper cost to the marketplace gives this coin tremendous value potential. Currently LTC is down 47% from it’s December high of $350, and XRP is down 73% from it’s peak of $3.32. This is a fantastic time to get in the game.