Goldman Sachs Report Says Bitcoin Could Shape ‘Future of Finance’

Bitcoin and cryptocurrencies are part of a technology “megatrend” that could change the fundamental mechanics of transactions, according to a new report from Goldman Sachs’ equity research analysts.
Bitcoin, along with improved payment security, ‘big data’ analytics and faster payment networks are the components of a technology trend that will disrupt the payments ecosystem, the report says.
The disruption of the $1.2tn global payments industry will be also be driven by converging trends in regulation, global demographics and the rise of markets outside the United States.
The report says:
“Innovations in network technology and cryptography could change the speed and mechanics of moving money.”
Bitcoin will change consumer payments
The report, published yesterday, is titled The Future of Finance: Redefining The Way We Pay in the Next Decade. It’s written by James Schneider and SK Prasad Borra, payments analysts at the bank’s research division.
It comes as the second in a series that has already featured the rise of ‘shadow banks‘.
According to Schneider and Borra, bitcoin’s major impact will be enabling the transfer of assets without a central clearing authority.

This post was published at Coin Desk on Published on March 11, 2015.

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