While news of Goldman Sachs’ resumption of cryptocurrency trading was met with enthusiasm, veteran trader Peter Brandt recently voiced his thoughts, claiming that the bank’s entry into any market is often a bad omen.
In late 2017, while BTC was trading at an all-time high of $ 20,000, Goldman made a similar statement, but never launched a crypto trading service later due to the massive BTC correction. While Bitcoin (BTC) is currently trading at $ 50,000 levels, Brandt is asking investors to protect their money.
“We learned that when the old lands, Goldman Sachs, entered a market niche, it is time to save your money.”
The great Wall Street player originally planned to set up a trading desk in late 2017. As Brandt emphasized in his chart, this also coincided with Bitcoin reaching the top of the previous bull run.
However, many crypto players misjudged Brandt’s statement, which thinks the Bitcoin (BTC) price has peaked. Brandt clarified this and said:
“Most people assume that what I’m implying is that BTC is on top. This Tweet is designed to indicate that Goldman’s involvement in any / all markets means that the firm has found a new perspective to gain insights from its customers. ”
Goldman’s statements about Bitcoin generated a series of mixed opinions. Last year, in May 2020, as BTC survived its March 2020 crash, Goldman said it was “not a viable investment option.” But Goldman, referring to a major rally last month, said that Bitcoin (BTC) has matured as an asset class.