NEW YORK CITY— While most banks shy away from cryptocurrency, one of the world's most well-known financial institutions is all set to bring it to Wall Street.<br /><br />The New York Times reports that Goldman Sachs will soon begin using its own money to trade Bitcoin futures contracts on behalf of its clients.<br /><br />Futures contracts are legal agreements to buy and sell a certain number of assets at a predetermined price, at a specified time in the future.<br /><br />The firm's executives are still somewhat skeptical of Bitcoin, concluding that while it isn't a fraud, it doesn't have the characteristics of a currency. Still, clients were interested, so the company hired its first digital assets trader to handle the crypto-trading operations.<br /><br />Goldman could buy and sell actual Bitcoin in the future, but will need to secure regulatory approval from the Federal Reserve to do so. They will also need to find a way to securely guard the bitcoin, to avoid it being stolen by hackers, as has been the fate of many digital currency exchanges.<br /><br />Experts have noted that the move will likely lend legitimacy to virtual currency, and are wondering whether it will prompt other financial institutions to follow suits.
