First they anoint an EDM DJ as the next CEO, and now this...
Goldman Sachs has hired a crypto trader to help it navigate client interest in trading bitcoin and other crypto assets.
Justin Schmidt joined the investment banking giant’s securities division last week as vp and head of digital asset markets. He was previously a senior vp at Seven Eight Capital and portfolio manager at LMR Partners before that, according to his LinkedIn profile.
This is looking like a case of "The Lloydy doth protest too much." Rumors have swirled for months that Goldman is already trading cryptos, but the denizens of 200 West Street have played coy with flirty denials. Why Goldman would feel compelled to act all flirty about not dealing in digital currencies is frankly beyond us. Just looking at the firm's trading record as of late and then juxtapose it with the enormous market for cryptos that persists despite logic and crisis. If we're Goldman and someone asks if we're into cryptos, our response is "Umm, yeah! Do you know how many rubes are buying this shit?"
So congrats to Justin Schmidt on being the new rainmaker at Goldman Sachs. And in keeping with Goldman tradition, may his least impressive child grow up to be Treasury Secretary.
Goldman Sachs has hired a crypto trader [TearSheet]