Goldman Sachs: Bitcoin Can Replace the Dollar

January 11, 2018

Goldman Sachs: Bitcoin Can Replace the Dollar

One of the largest investment banks in the world Goldman Sachs admits that bitcoin and other cryptocurrencies can substitute the U.S. dollar and become successful as a "real money" in economies of developing countries. 

Bank's strategists Zach Pandl and Charles Himmelberg wrote on their report on Wednesday:

"In recent decades the U.S. dollar has served its purpose relatively well, [but] in those countries and corners of the financial system where the traditional services of money are inadequately supplied, Bitcoin (and cryptocurrencies more generally) may offer viable alternatives."

It is believed that in some developing countries in Africa and other continents a total share of foreign currencies in deposits and loans is around 90%.

Goldman Sachs is one of the most active large investment banks in the field of cryptocurrency. It was reported in December that the bank is developing a cryptocurrency trading platform as a response to the growing interest to the topic from its clients. One month earlier Goldman Sachs along with another investment bank JPMorgan Chase finished a test of using the blockchain technology in equity swaps market. 

However, there is a lot of conspiracy and controversy surrounding the bank. For example, The Independent and Al Jazeera say that the bank "rules the world" and The Atlantic accuse the bank of connections with the U.S. Government.


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