2018-12-12 00:29 |
Goldman Sachs Extols Virtues Of Blockchain Technology In Latest Instagram Story
Wall Street giant Goldman Sachs used Instagram today to promote blockchain technology. While the firm has been hesitant to promote cryptocurrencies in the past, Goldman Sachs clearly sees potential in blockchain technology.
The fact that Goldman Sachs pushed this story out on social media is significant. Goldman Sachs tends to be influential among the ultra high net worth crowd. When Goldman Sachs publishes a post describing how they see potential in blockchain, their words have serious sway amongst their followers.
Goldman Sachs posted a story on their Instagram page. Stories remain up for 24 hours for all followers to see. In this case, the Goldman Sachs story promoted “Blockchain’s enormous potential” at disrupting industries like concert ticket sales.
Goldman Sachs didn’t just post the story: they also paid to promote it. The bank’s blockchain-focused Instagram story has been popping up on other peoples’ feeds as they tap through their stories.
Today, Goldman Sachs has a relatively small following compared to mainstream Instagram accounts, with just 22.2k followers. However, the account is relatively new: Goldman Sachs only launched their @goldmansachs Instagram account on September 25. The account has posted 42 updates to date.
The relatively small following may be one reason why Goldman Sachs paid to promote their crypto-friendly Instagram story.
It’s also likely that Goldman Sachs recognizes that Instagram is a youth-oriented platform. By launching a crypto-centric Instagram post, Goldman Sachs can cater to the next generation of investors. Those investors are interested in crypto – and they’re accumulating more and more wealth as time goes on. Eventually, they’ll become the main clients of Goldman Sachs.
Goldman Sachs May Be The Most Blockchain-Friendly Wall Street GiantThis isn’t the first time that Goldman Sachs has been linked to cryptocurrencies and blockchain technology. Earlier this year, it was reported that Goldman Sachs was preparing to launch its own crypto trading desk. Later, that rumor was downgraded to specific investment products – like Ethereum futures. It’s still not clear what type of crypto products Goldman Sachs is preparing to launch – if any – but rumors continue to persist.
Of course, analysts believe that any of the Wall Street giants would be folly to ignore blockchain technology. Goldman Sachs tends to lead the pack among competitors like Bank of America, JP Morgan, and Morgan Stanley. Eventually, one of these major financial firms will push into blockchain and crypto and the rest of the industry will follow suit.
Interestingly, as Abacus Journal points out, Goldman Sachs is also one of the few mainstream financial firms that has avoided making inflammatory or derogatory statements about blockchain over the last 12 months. Earlier this year, the company also promoted a crypto-friendly executive, David Solomon, to be its CEO.
While Warren Buffett and JP Morgan trash crypto regularly, Goldman Sachs may be quietly preparing to launch crypto investment products.
Could Goldman Sachs be the first mainstream financial firm that dips its toe into crypto? Based on previous signals – including today’s Instagram story from the Goldman Sachs account – it seems possible that the firm could lead the way for Wall Street’s inevitable jump into the crypto space.
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