Goldman Will Clear Bitcoin Futures

Tyler Durden's picture

Despite all the risk/margin worries, and volatility fearmongering, and fraud allegations, Bloomberg reports that, according to a person familiar, Goldman Sachs plans to clear bitcoin futures contracts when they go live next week.

“Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process,” Tiffany Galvin, a

spokeswoman for the bank, said in an emailed statement.

Shortly later a Goldman spokesman confirmed the report, stating that the bank is planning to clear bitcoin futures for some clients as the new contracts go live on exchanges in the coming days.

The bank, which helps clients buy and sell derivatives, is "evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process," Tiffany Galvin, the Goldman Sachs spokeswoman said

Goldman Sachs Chief Executive Officer Lloyd Blankfein said last month that it’s too early for his bank to need a bitcoin strategy and that he doesn’t consider the digital currency to be a store of value.

Blankfein said in the Bloomberg Television interview that he felt no urgency for his firm to develop a plan for dealing with bitcoin given its volatility.

Bank of America Corp. and Citigroup Inc. won’t immediately offer clearing of the products when they start trading, people briefed on those lenders’ decisions said. The Wall Street Journal reported the banks’ decisions earlier Thursday. However, we are dead ceratin that Goldman's confirmation will bring the rest quite quickly to market as the last thing banks can afford , is to lose even more market share to the bank that already controls most of it anyway.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
yardsale's picture

Of course they will.  

hedgeless_horseman's picture


This is only happening because Fonestar purchased Uncle Warren's Goldman stake.



I apologize.

That is Mr. Fonestar.  

Bud Dry's picture

He's the only reason for the pullbacks in BTC.

GlassHouse101's picture

Dear Bitcoin -

It's hammer time. 


Gold & Silver

WTFRLY's picture

It's pocket change to them, so what does it matter? I told you they were preparing to j00 Bitcoin until it is under their control. Futures are just a step in that direction.

nope-1004's picture

.GOV to clear bitcoin futures.



BaBaBouy's picture

VAMPIRE SQUID ~~~ Yes Yes Yes We Have Your Supplies of PAPER BITCOINZ ~

MonetaryApostate's picture

I suspect those Golmanites Trump elected will be in full control eh?

If you can't see what these bankers are doing to your nation, then you clearly aren't paying attention!

Fake money, fake debt, fake value, fake news, fake investments, fake markets, fake history, fake leaders, fake events, fake elections, fake foods, fake medicines, yes fake everything!

The Alarmist's picture

Bitcoin has a future?

Oddly enough, the futures will be more liquid than the underlying.

GS ... F'ing bucket shop.

Exponere Mendaces's picture

Translation - "I don't understand Bitcoin so I'm gonna bark like a retard seal"



ColorMehJewish's picture

LMAO -- along the lines of what I was thinking. These guys despise BTC but are too arrgant to delver into it (not that I want those dirtbags involved in it anyway)

King of Ruperts Land's picture

Satoshi is not working for Goldman. If you pay attention, he is still out there working on "Crypto for the People". Bitcoin was crypto version 0.1

This is Goldman capitulating to Bitcoin.

This development is Bullish for Bitcoin. The headed to $1,000,000 possibility is more likely. The bigger it is, the bigger the casino, the more fleecing to be done. Perfectly legal fleecing. The kind respectable sheep opt for.

We are just entering the "euphoria stage"

Yes. This is bullish. And Uncle Sam gets a big cut. That ain't work'n. Money for nothing on your MTV. This little faggot he's got a jet airplane. This little faggot he's a millionaire.

TwelveOhOne's picture

That song has been in my head a lot, this week.

lil dirtball's picture

> preparing to j00 Bitcoin until it is under their control

It's always been under their control - (((they))) created it.

Raffie's picture

They want to make sure the future contract for Bitcoin benfits them only. So taking a while to word it correctly which will translate to "F U, PAY US!"

Kaiser Sousa's picture


im sure Khazar Sachs getting involved means theres nothing to be concerned about...

u cant fix stupid.

Crazy Or Not's picture

I think Bitcoin's progress is amazing and the phenomenon is incredible - we are living in a time of huge change....
But please have a word with the other Tylers and try to increase the spread of articles to matters other than bitcoin.

Thanks in advance.


LawsofPhysics's picture

Fonestar is Llyod Blankein. Things have been busy on his private island.  he is now considering buying a continent. Word on the street is America is for sale, cheap.

Justin Case's picture

I found this conversation on another site. Pure speculation or true, I don't know.

Fonestar is currently being held in lock-up, unable to make bail using bitcoin.
I did try to warn him.  But he wouldn't listen.  He just blabbered on about buying his Ponzi scheme.

Parabolic Sine's picture

It wouldnt supprise me if the grand pump and dump today had goldmans fingers on it to see if they could control the swings. They have the resources and the connections to make such things happen. Korea was asleep when it happened, cant blame them this time.

Kurpak's picture

Bitcoin and the monkey hammer soon to be best buds! 

Sizzurp's picture

If there's money involved, GS will be in on it. No way they sit this one out.

Rainman's picture

Asians, gambling , fiatsco laundering and catnip for the Squid.

FreeShitter's picture

Lloyd will suffer in the next worries.

quadraspleen's picture

hopefully he'll suffer a bit in this one, too

lil dirtball's picture

> Lloyd will suffer in the next life

Dreamer. Lloyd is already in his next life. He's prolly been thru a few of them already.

The meek shall inherit shit.

tahoebumsmith's picture

God forbid the squid and the rest of it's cronies can't control something

Peak Finance's picture

I can't really intellectually articulate my feelings about this


My gut is telling me this Bitcoin Futures thing is going to end REALLY, REALLY fucking badly for somebody


Shitonya Serfs's picture

Guarantee you it's not going to end badly for GS (I mean Santoshi).

Nature_Boy_Wooooo's picture

Only the taxpayers who float the bill for the bailout.

RagaMuffin's picture

When does "due diligence" become "screw diligence"......HHHHHHHmmmmm........

1835jackson's picture

They do not understand this technology. It's beyond control. 

DetectiveStern's picture

Bitcoin is bullshit. The price isn't being driven up by milleniums or hackers in their basements. The only kind of people who can move prices that much are hedge funds, banks and other big boys. Someone or multiple are pumping and dumping this shit. Once the futures are in play there's gonna be some real manipulation. 

Saw a good theory that someone is planning an epic short based on the idea of quantum computing coming online and rendering current bitcon encryption obsolete making bitcoin worth fuck all. 

Rickety Rekt's picture

No security is worth anything once that happens, privacy will not exist. EMP argument.

Maybe an eventuality, but not for quite some time IMO...


Not so much a pump and dump, moreso that there are hardly any sellers at the moment so it has nowhere to go but UP

quadraspleen's picture

there are only 16.7 million BTC in existence right now. Coinbase register 100k new accounts a week at the moment, possibly more. Everyone and their dog is piling in and buying tiny bits of BTC and watching their tiny investment grow ten-fold. They are then taking their profits..lots are re-investing and making more. sure, big money is in BTC, but this is just the beginning..the banks are very late to the party and shitting themselves, hence the concerted attack in the european and uk media today on the "evils of bitcoin"

The futures will have no relevance to the real-world price of BTC except to burn the hands of shorters over the weekend. BTC has a long way to go yet, whether or not you believe it

buckle up.

nope-1004's picture

If that were true then you'd be seeing all crypto's rising in unision.  But they're not, only bigcoin.  That means that it is heavily being gamed by a group of initials.


DetectiveStern's picture

100k accounts investing say $1000 on average is 10 million. That is small change compared to what a big firm could put in if they could. 

The banks rig the price of nearly every financial asset what makes you think they won't come up with a way to do it with BTC? 

Agreed though I'm not really talking the next few months or whatever I'm just saying what the end game is gonna be. 

I'd love nothing more than a decentralised money system but while the current ones exist and they can print unlimited amounts then any new currency is open to their manipulation. 

Placerville's picture

100k accounts investing say $1000 on average = 100 million.

adr's picture

Actually since most of the small time players are buying fractions of a Bitcoin if you bid $.19 for 1/100000 of a Bitcoin when it is trading for $18,000 you moved the price of a whole Bitcoin $1000 even though your increase was only one cent.

That is why Bitponzi was developed. The ultimate early adopter pyramid scheme.

Imagine where AMZN would be if you could buy one millionth of a share and bid that up fractions of a penny at a time.

Exponere Mendaces's picture

What a retard.

You have zero understanding of the market, Blockchain, or how even bid/asks work. Nobody is moving the market with "1/100,000th" of a Bitcoin like you claim.

The bids and asks are measured in LARGE amounts of Bitcoin near the last traded price.

Are you drunk? Maybe take a nap and let the real professionals handle this.


toknormal's picture

You are bullshit. At least to anyone who's been around since 90$ and had this type of commentary in their ears as a continious background drone since then.

FU in Advance's picture

Hey Blankenstein, toss Corzine a bone!

mily's picture

you're so fucked hodl-ers

Panic Mode's picture

They go all in, then it goes belly up, then the taxpayers have to bail them in. I have seen this musical before.

Nature_Boy_Wooooo's picture

Soooo basically......we went short on Bitcoin........buuuutttt it turns out Koreans went long..........long story short we're gonna need another taxpayer bailout......too big to fail and all you know.

1835jackson's picture

I think bit coin will become the reserve currrency or gold standard of the digital age. Banks will be "amazoned" out of the market. Every industry will be affected by this. Dollars, Yen, Yuan and Euro will still exist in the Terra Firma but will dance to bit coins tune. 

adr's picture

It can't because the network isn't capable of handling even a fraction of real transactions. There is over a 250k transaction backlog just on Coinbase alone. When the next few days are over, nobody knows where Bitcoin will be trading. During the clearing of transactions there will probably be multiple flash crashes of $5000 or more. The full Blockchain will grow gigabytes in size and become even more difficult to process.

That is why the exchange went down. To filter out the small time plays and allow big players to have their entry and exit points. Your purchase of $10 is nothing compared to one of the big players who wants to move around millions.

Bitcoin is making worthless people who add nothign to the globe a lot of funny money. The world would be far better off without Cryptocurrencies and the mother of all con games, the Stock Exchange.

1835jackson's picture

Right now, the system is clunky but we are witnessing a new era in finance. The digital and terra firma age. They are not at odds with each other but should be viewed as complimentary to one another. Bitcoin is a new market tool that the market is simply demanding. I would think that five years from now these flash crashes will become very rare. 

Nonetheless, very fucking interesting times!

I own some bitcoin and gold and silver. I have to say I prefer the metals (maybe because I am not a kid that grew up with a smart phone glued to my hand). But to hate bitcoin and dismiss it completely is folly.