“What if that could happen instantly and be recorded on a blockchain for everyone to see?”īut, according to Popper, Bitcoin remains a thorny issue for Goldman Sachs, JP Morgan and other top financial players. It currently takes the bank three or so days to settle stock trades, says Popper. They are also attracted by the relative speed and low cost of blockchain transactions. Recently, after stating in a report that Bitcoin could shape the future of finance, Goldman Sachs participated as lead investor in a $50 million funding round for startup “Bitcoin bank” Circle in one of the highest profile investments in a Bitcoin company to date.įinancial operators are attracted by blockchain-based financial networks with no single point of failure, which could keep running even if one of the participating nodes stops working or is taken out. Therefore, Goldman Sachs’ take on bitcoin can be considered as representative of the financial industry as a whole. Goldman Sachs is one of the most respected financial companies in the world, often considered as epitome of the best – and the worst – of today’s financial system. Popper released previously undisclosed information in a section of his book, re-published by American Banker magazine with the title “ When Goldman Sachs Began Flirting with Bitcoin.”
But it’s quite easy in Bitcoin to have an identity tied to an address in a way that would make a bank feel comfortable.” “Banks have to know who’s transacting and flag it if someone suspicious is involved in the transaction. “A company like Goldman Sachs or JPMorgan is hesitant to rely or work with a financial network in which the people keeping it alive are essentially anonymous,” says Popper in a Forbes interview. Once a bitcoin-like crypto-currency is adopted banks and governments, will it still be recognizable as bitcoin, or rather become a sanitized blockchain controlled by central banks, with all the troublesome features of bitcoin removed?
Popper’s book contributes to the ongoing Bitcoin vs. Popper tells the story of Bitcoin from its geeky, libertarian early days to the beginnings of the current phase marked by significant venture capital investments and growing adoption by the financial community.
New York Times technology and finance reporter Nathaniel Popper’s new book “ Digital Gold: Bitcoin and the inside story of the misfits and millionaires trying to reinvent money” has been praised as one of the best Bitcoin books to date.
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