- 13 May 2022
- Posted by: Cryptovalues
- Category: Cryptovalues News, World News
At the end of March, MacroStrategy obtained a $205 million loan, with Bitcoin collateral, with which it bought another $190 million worth of Bitcoins. All with the backing of Silvergate, a bank that has been involved in other crypto-themed deals. The operation of Microstrategy’s subsidiary saw interest rates that were not very low, but still lower, at least according to CEO Saylor’s calculations, than the expected growth for $BTC.
The example was followed in recent days by Goldman Sachs, which, according to Bloomberg, opened the first credit facility in its history of this kind.
The Manhattan-based bank has just carried out a transaction that should change the perception of bitcoin among major investors. The news this time for bitcoin is certainly of the most important kind, because it involves one of the most important business groups in the world with a strong financial backing.
The group has reportedly taken out a loan with collateral in Bitcoin, a first for this corporate entity. And if Goldman Sachs is making a move, other groups of equal stature are likely to follow suit.
In practice, Goldman Sachs has allowed, through this transaction, the borrowing client to use bitcoin as collateral to obtain a cash loan. A spokesperson for the investment bank said:
‘We recently extended a secured loan facility where we lent collateralised fiat on BTC owned by the borrower.
It was a ‘dense’ April for the connections between Goldman Sachs and digital finance, as the US group in fact announced the presentation of options on Ethereum that will be OTC and with cash settlement, thus adding a new tool for companies and investors who want to hedge against the price of $ETH.
Yet another demonstration that Goldman Sachs wants to win the race for leadership in the crypto world from the biggest investment banks. And this for Bitcoin and Ethereum with an eye on the future directed towards cryptocurrencies.