Billionaire Mark Cuban “Rugged” as Goldman Sachs Supports Trading of Bitcoin Futures
Goldman Sachs Activates the Trading of Bitcoin Futures
Goldman Sachs, one of the world’s largest investment banks, now supports the trading of Bitcoin Futures.
Goldman Sachs will now offer #bitcoin futures trading to its clients, powered by Galaxy Digital.
This is the first partnership of its kind! 🔥
— Layah Heilpern 🎬 (@LayahHeilpern) June 18, 2021
It is a big step, especially for Bitcoin, which struggles for mainstream adoption mainly from skeptical Wall Street big shots.
With Goldman Sachs’ support of Bitcoin Futures in partnership with Galaxy Digital, it would be easier for hedge funds and other institutional clients to wager on Bitcoin.
This decision is in the face of increasing demand from clients who want exposure to Bitcoin and other potent cryptocurrencies.
Still, compared to traditional assets, Bitcoin is illiquid.
However, this will change as more money flows into the asset.
The more BTC and its derivatives are traded, the lower its volatility becomes, improving its suitability as an emerging asset class even with disparate regulations.
As per a recent FCA study in the U.K., many investors consider crypto-assets as worthwhile investments, not gambling.
The mainstreaming of #crypto continues.
FCA research published today: 2.3M UK adults now hold crypto,⬆from 1.9M last year. 78% have now heard of crypto, ⬆from 73% in 2020
And investors are becoming more savvy – its not just about the #FOMO anymorehttps://t.co/euljzCf5RT pic.twitter.com/f0VGf6IKFE
— Teana Baker-Taylor (@TeanaTaylor) June 17, 2021
Mark Cuban “Rugged”
Cuban–a billionaire and DeFi a supporter–is now calling for regulation of stablecoins after being rugged at Iron Finance.
The DeFi project is partly a collateralized stablecoin project which experienced a “bank run,” forcing its stablecoin (IRON) peg to deviate from $1.
Attack on Titan.
Iron Finance garnered over $2.3B of committed capital backing its Titan stablecoin, including an implicit endorsement from Mark Cuban.
Yesterday its governance token $TITAN fell from its ATH of $64 to its current price: 15 *billionths* of $1.
What happened?
👇 pic.twitter.com/ydHQIk2sha— Jon Wu (@jonwu_) June 17, 2021
Consequently, its native currency, TITAN, crumbled by nearly 100 percent in two days.
He has since blamed himself for “being lazy” and not doing enough research. All the same, he has called for more regulation, asking for a more precise definition of what stablecoin is and which collaterals should be accepted.
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