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Goldman Sachs Says Bitcoin Derivatives NDF are on the Way

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Goldman Sachs announced a unique product to match the needs of their demanding clients called the Non-Derivative Funds (NDF).

In a move which could well set the roadmap of the capital-heavy financial institutions in the United States to enter the ‘hot’ cryptocurrency market, Goldman Sachs announced a unique product to match the needs of their demanding clients called the Non-Derivative Funds (NDF). However, there is industry-wide speculation that there is actually no client-side demand for such products and is only a strategy which the big bank is exploring to get a major foot into the industry-driving bitcoin-based market systems.

The speculation that there is no client-cry for these instruments appears to be triggered from latest statements by Asset Management guru, Larry Fink, the CEO of the $6 trillion BlackRock Fund. The industry leader had stated that there had been no such inquiries, even “zero inquiries” coming for bitcoin products from customers.

 

Fink is believed to have said in July last that,

“I don’t believe any client has sought out crypto exposure. I’ve not heard from one client who says; I need to be in this.’”

The most attractive feature of this fresh move by the latest bank is that the NDF would be based on Bitcoin. There is no possibility of an Ether-based similar contract either, according to industry insiders refuting speculation that the Ether, the second largest coin was also being considered by the bank.

 

Forced Agenda

The other view of analysts is that Goldman Sachs is attempting to ride the crypto craze and is pushing forward with a focused agenda to create and pump for a market which would eventually allow it

 

NDF and Goldman Sachs Offer

Meanwhile, Goldman Sachs offer has been tailored to ensure the customer is placed at minimum risk. Therefore, the product will be a short-term position product which will be based on Bitcoin. The easy method out is that investors can use the foreign currency of their choice to buy bitcoin, but the profit or loss has to be monetized via bitcoin. The use of foreign currencies is expected to allow these banking institutions to gain backdoor entry into these markets. the method to use specific to bitcoin is that the dollar is not used in these transactions, but it is the bitcoin.

Additionally, there has been speculation that the bank may consider the use of Ether, the all promising coin which is expected to catch the fancy of every investor. The coins low pricing is attractive enough, and the technology platform is also highly appreciated.

However, the latest industry news spools indicate Ether is not in the consideration at all for an NDF, but only the holy grail of the cryptoworld – ‘bitcoin.’

Hence, the offer by the big players to introduce coin-based NDF is not only interesting and offering bigger opportunities for investors but also building the necessary ecosystem for such adaption by worldwide investors.

The bank’s role is to ensure that their customer gains an exposure to these instruments using minimum risks.

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Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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