All That Glitters Is Not Goldman

We're the first to trumpet household-name financial firms '49-ing their way into China's financial industry gold fields. And to belabor the metaphor, there is ore aplenty for prospectors of many sizes, not just bulge bracket.

But as fundy blockchain believers, we're slow to assume Goldman Sachs is ahead of the game, even when they've just JV'd with the world's largest bank, ICBC, to start chipping away at a Chinese asset management industry tagged at $54T, due for $70T by 2030. After all, tomorrow will be the anniversary of their advising Bitcoin is "not investible". Today, they're advising that Bitcoin is a "new asset class". But Ethereum will soon overtake it.

"Even a broken clock is right twice a day," jokes Jimmie Jeremejev. "It's reasonable to expect dinosaur-sized firms to be extra-slow positioning themselves correctly in terms of cryptocurrency. It's likewise reasonable to assume that when they make a move into China, they've been very deliberate in their calculus. If Goldman's in, you're past the visionary and early adopter stage of a trend."