Bitcoin Back Above $50k And Goldman Sachs Wants In On Crypto Lending

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Last Updated on 7 December 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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And just like that as Carrie Bradshaw, the revamped heroine of legendary series Sex And The City would say, Bitcoin is trading above $50k again. While the classic market just started explaining why Bitcoin fell in the first place and how you can protect yourself, whales seem to have made reassurances to themselves that it’s safe to tip their toes back into the water and started buying Bitcoin once more.

Ethereum is trading around $4,400 again and seems to have simply remained steady over the past week. The resilience of Vitalik Buterin’s coin is with this once again highlighted. It will be interesting to see how much of a fight Ethereum can put up against Bitcoin in 2022.

Several other altcoins were also trading much higher this morning. Analysts wondered whether this was the start of a longer rally of whether it was simply a case of buying the dip.

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Vampire squid

Back in 2009, a Rolling Stone journalist Matt Taibbi labelled the global business bank Goldman Sachs famously as a:

Great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.

He repeated this line in 2010 to promote his excellent book Griftopia. In essence, Taibbi claims that Goldman Sachs will always want to profit from any opportunity it sees, whether this is something ethical or not. Of course at the time her referred to the global financial crisis and others who have repeated the line since have done so to point to Goldman’s help to former Greek governments in order to hide their debts.

Now, Goldman wants to profit from the growing interest for Bitcoin apparently, and is considering to offer loans backed by the world’s biggest crypto coin.

Ether at $8,000

Not only is Goldman Sachs now taking a keen interest in crypto-assets, but the big international bank is even showing itself to be very bullish in its forecasts, seeing, for example, Ether reaching $ 8,000 in a recent client update.

It is against this background that 3 anonymous sources claim that Goldman Sachs – along with other US banks – are studying a way to use Bitcoin as collateral for loans made in US dollars.

We’ve probably spoken to half a dozen big banks about bitcoin-backed loans.

Said a person from a large institutional trading firm who didn’t want to be named.

Some of them are in the next three to six months category and some are further out. What’s interesting is some of these banks will use their own balance sheet to make the loan. Others will syndicate this out.

bbk22 / Depositphotos.com