Goldman Sachs (NYSE:GS) has finally clarified that a cryptocurrency trading desk is not in its plans for the foreseeable future.

Some investors must feel downtrodden about this news. Let’s find out what’s going on.

Cryptocurrency Trading Desk? The Goldman Sachs Rumour Mill

The rumour mill has been churning for some months now; it was believed that Goldman Sachs had been making significant progress towards establishing a direct crypto trading desk.

But what started the chinese whisper?

Well, catalysts for the rumour go back to 2017 and began when the bank hired seasoned crypto trader Justin Schmidt. The new hire drew speculation that Goldman Sachs was looking to develop a space in the cryptocurrency field. Whispers began.

Goldman Sachs unintentionally fanned the flames further. A spokesperson announced it was working to meet the demands of their clients who “have expressed an interest in cryptocurrencies.” 

Further comments emerged from the mouths of crypto influencers and eventually it was purported that a Goldman Sachs Cryptocurrency trading desk was on the horizon.