Fintech Industry Will Be In Trouble If They Do Not Take To Cryptocurrency AdoptionJuly 13, 2019
India said no to cryptocurrencies for several reasons whether tax evasion, money laundering, retail investor economic interest and more. However, much of the traditional business sector is getting on board in one way or the other. Facebook is launching the cryptocurrency, and the regulators are freaking out. Goldman Sachs is scouting for a cryptocurrency project manager.
David Solomon, CEO of Goldman Sachs made a statement in April, “We are watching and doing work in order to try and understand the cryptocurrency marketplace as it develops.
We have some clients that have specific functionality we have engaged with in clearing the physically-settled futures. But other than that, we did not have plans to open a cryptocurrency desk.”
It now seems that the Goldman Sach are interested in coming up with their cryptocurrency as opposed to helping their clients invest in cryptos which already are in place. The company can identify the threat of disruption, and they are probably thinking of making a bold entry into the cryptocurrency market.
Solomon stated, “We are clearing futures around Bitcoin and we are further talking about doing some other activities but it is happenning cautiously. We are listening to our clients and we are trying to help our clients as they’re exploring those things too.”
At this point in the financial industry, it will be big trouble for those in the Fintech industry, if they are not going to take to cryptocurrency adoption.
There are regulatory hardships; however, the benefits provided by the cryptocurrency are far more. The price slump of Ethereum ended recently. The coin went below its significant support level at $265 yesterday. The coin resumed from the fall, and it is currently trading at $275.06. If Ethereum gathers momentum towards a positive move, it might face a price resistance at $280 and if the coin will fall it is likely to face support at $265. There are expectations for the currency to trade around $500.
The price of the Litecoin is in an upward trajectory. A rising wedge pattern is beginning to form. Miami Dolphins are to endorse Litecoin as the official cryptocurrency of the team.
Charlie Lee stated, “This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum, and the ecosystem can support real world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.”