• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Nexo

Are Wall Street and The Banks Trying To Circumvent the Bitcoin Blockchain?

Nigel Dollentas by Nigel Dollentas
6 years ago
in Bitcoin, Bitcoin Technology, Companies, Markets and Prices, News, News teaser, Trending
22

For the first two or three years, arguably Bitcoin was a toy for nerds, and some dissenters might even go to say Bitcoin is just for anarchists and liberalists. However, as more people used it, and more companies started accepting it, Venture Capitalists and Wall Street started catching on.

Also Read: Wall Street is Quickly Moving in on Bitcoin

First it was just the small seed investment round here and there, usually investments below $100,000 in USD. However, 2014 hit a record of Venture Capitalism flowing into Bitcoin when we see record investments in Bitcoin heavyweights like Xapo, BitFury, Circle, and OKCoin.

Some of us had our suspicions with the big names in Wall Street slowly getting in on Bitcoin and Goldman Sachs cleared the air and confirmed them when they invested $50 million into Circle. This shook up both the Bitcoin and traditional financial community, as never had such an investment from a single investor into Bitcoin ever been made.

Also Read: Circle Raises $50M Off Goldman Sachs Support, Adds USD Features

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

This also in many people’s minds gave Bitcoin a stamp of approval, as Goldman Sachs, a world leader in banking, was the one doing the investing. Unfortunately, another idea that was speculation around the Bitcoin community was confirmed when an article from the American Banker published on May 21, 2015.

That idea was the banks, instead of integrating Bitcoin or cryptocurrency in some way, they were going instead create their own, blockchain-like system which would be ran by banks.

Private Conferences on Blockchain Technology

To condense the article for you, its main ideas were that Banks and Wall Street investors saw the disruptive possibilities that Bitcoin imposed on them. Much earlier than they let on it seemed. They also saw the advantages that a system like Bitcoin could have for the banks.

It currently took the bank three or so days to settle stock trades. What if that could happen instantly and be recorded on a blockchain for everyone to see?

In the article it goes on about a “private conference” held for only Goldman Sachs most powerful hedge fund clients. In this conference they informed their clients regarding virtual currencies. Remember that this back in March 2014, when the public opinion was that Wall Street was only beginning to warm up to the concept of cryptocurrency.

Throughout the discussion, many were still skeptical about Bitcoin and the idea of it.

Silbert asked how many people in the room were skeptical about virtual currencies, and a good majority of them put their hands up. Silbert noted how different this gathering was from the elite circles on the West Coast, where at recent events he’d attended a minority of the participants had expressed skepticism. Silbert said it reminded him of the early days of the Internet when everyone in the tech industry was leaving good jobs to try to cash in on the new idea.

But they all came to one conclusion: Bitcoin technology is good, and with it there’s no need for Bitcoin itself. This user from the Bitcoin subreddit describes the problem, quoting the article.

Reddit

What do you think? Will more focus be on the blockchain, rather than Bitcoin itself? What does this mean for Bitcoin? Let us now in the comments below!


 

Photo Source: Pixabay, Reddit

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Nigel Dollentas

Nigel Dollentas

Born in the Philippines, currently stationed in the USA. The youngest member of our writing team, Nigel is our freelance writer. Learned about Cryptocurrency right after the Mt. Gox crash and has been passionate ever since. @NigelDollentas

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.