Goldman Sachs Sees Bitcoin Future in Payments Over MoneySubmitted by barracuda_trader on Thu, 03/13/2014 - 00:21
Goldman Sachs (GS) Group Inc. analysts see Bitcoin as an innovative payments technology while doubting that it will evolve into a true alternative currency, according to a research report released today.
In the report, titled “All About Bitcoin,” the researchers write that they examined multiple views of the digital currency by people inside and outside of Goldman Sachs.
“So where does that leave us? With the conclusion that Bitcoin likely can’t work as a currency, but some sense that the ledger-based technology that underlies it could hold promise,” the report said.
Bitcoin emerged from source code written by an anonymous developer or group of developers using the name Satoshi Nakamoto in 2009, and attracted a following motivated in part by the ability to escape the strictures of traditional currency, notably government control. The report by Goldman Sachs lends credibility to the virtual currency, said Michael Terpin, co-founder of BitAngels, a group of angel investors in early stage Bitcoin startups.