CNBC Contributors: Crypto Industry Doesn’t Need Banks, Goldman-Fueled Sell-Off Is Not Critical

Thu, 09/06/2018 - 20:11

Two traders weighed on Goldman Sachs’ decision not to open a Bitcoin trading desk during CNBC's Futures Now. Crypto industry doesn’t need Goldman’s endorsement

CNBC Contributors: Crypto Industry Doesn’t Need Banks, Goldman-Fueled Sell-Off Is Not Critical

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Traders Brian Stutland and Jim Iuorio have recently weighed on Goldman Sachs’ decision not to open a Bitcoin trading desk during CNBC's Futures Now. They claim that the cryptocurrency industry doesn’t need Goldman’s endorsement since digital assets are supposed to get people out of the banking system. While there is a Bitcoin sell-off underway, they are certain that BTC will not plunge lower than $6,000.

Earlier, Brian Stutland claimed there is a clear correlation between the CBOE Volatility Index (VIX) and Bitcoin. As the VIX index is headed lower 30 days from now, he believes it’s worth buying crypto “on a dip.”

Bitcoin leading indicator $VIX is headed lower 30 days or so from now. I’d buy #volatility on a dip and so I’d buy #crypto. https://t.co/8eBM9hkr2n
— Brian Stutland (@BrianStutland) September 6, 2018

#Bitcoin

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.