Goldman Sachs enters Bitcoin market again: Will history repeat itself?

Yesterday was a day when all the good news came. I saw a lot of push notifications when I woke up early in the morning, including Goldman Sachs entering the market, progress on ETFs, and Fidelity supporting Bitcoin. It really felt like all the good news came as soon as the market went up.

Are you confused about whether it is the good news that makes Bitcoin go up, or the good news after the rise? I talked about why "every rise is good news, every fall is bad news" in yesterday's article. I won't repeat it here. Friends who haven't read it can just scroll out and read yesterday's article later.

Now it seems that it is difficult for the industry to produce any substantial benefits for Bitcoin. All the benefits are basically provided by big players outside the industry. I will briefly talk about these three benefits yesterday.

1. Fidelity supports Bitcoin

This is the media coverage:

In fact, it was the opinion of a senior executive at Fidelity. The media made it appear as Fidelity's opinion, but it's harmless.

Fidelity has always been a good friend of Bitcoin and is relatively friendly to cryptocurrencies among established institutions. They entered the Bitcoin-related business very early. At that time, they provided Bitcoin custody services, probably in 2019, and I praised them many times at that time.

Later they went a step further and started to create crypto index funds:

It’s great to advance crypto-related business step by step.

For traditional investors , a more comfortable investment method is what they need most. They are too lazy to play the "decentralized game " with us.

In short, let’s look forward to Fidelity’s further progress.

ETFs are finally making progress

Bitcoin ETF is a "pending positive". Everyone knows it is a positive, but no one knows when it will be passed.

In a blink of an eye, time has come to 2021. Yesterday, we finally saw the first progress news of the Bitcoin ETF in the Year of the Ox:

“The Chicago Board Options Exchange Global Market (Cboe) — a global equity and derivatives exchange — has filed an application with the Securities and Exchange Commission to list VanEck’s Bitcoin ETF for trading.”

“This is a very strong start to the year,” JPMorgan said in a note to clients.

In fact, until the ETF is officially listed, these positive factors are not substantial. They just make us satisfied to see the progress of the ETF.

Don’t think that every time you see news about ETFs, it’s “XXETF was rejected by SEC ”. That’s really frustrating.

I really hope that the Bitcoin ETF will be passed this year.

3. Goldman Sachs re-enters the market

Goldman Sachs, yes, that is the Goldman Sachs that has always been the big brother in the Wall Street drama, and has entered the cryptocurrency market again.

Why say "again"? It's simple, this is not the first time they have entered the market.

Moreover, the last time I entered the market, it was a complete failure.

Here’s a picture for you to enjoy:

On the left is the last time Goldman Sachs entered the cryptocurrency market, and on the right is this time, which was yesterday.

Are you shivering?

I don’t know if this will happen again. I hope not. Goldman Sachs can’t fail twice in the same place, right?

Anyway, it's like this. When the market goes up, it's all good news, and when the market goes down, it's all bad news. Everyone should be more cautious and not be too led by the so-called good news or bad news.

However, in the past month, almost everyone’s consensus is that there will be a “big shock”. It is really important for everyone to learn more about DeFi knowledge, mine more low-risk free mines, and make their wallets thicker.

After all, there is an unwritten historical rule that the market is low in March and high in April. I don't know how this rule was formed, but market consensus is indeed interesting.

It would be best if the market would rise in March and April, but March seems to be a turbulent month, so everyone should be cautious and never use leverage.

I hope everyone has a smooth March.