Goldman Sachs COO – Bitcoin Demand ‘is rising’
Goldman Sachs, the US banking giant, has decided to revive its crypto trading desk. It is one of the reasons for the steep rise in demand for digital assets among the institution’s client base.
As per a Reuters report, Goldman Sachs chief operating officer John Waldron has stated that the company is creating a strategy to boost demand from customers who are willing to invest in Bitcoin (BTC).
The COO stated that Goldman Sachs would “continue to evaluate” and “engage on” cryptocurrencies on behalf of customers.
Matt McDermott, worldwide chief of cryptocurrencies for global markets division for Goldman Sachs, has stated that 40% of Goldman investors have some form of exposure to crypto. The investment behemoth is studying the feasibility of launching Bitcoin exchange-traded fund, in addition to offering crypto asset custodial service.
Waldron stated that the prevailing pandemic has turned out to be a considerable “accelerant” for buying products and services online and would probably create an “explosion” in payments using cryptocurrencies.
A portion of crypto enthusiasts are eagerly waiting for re-entry of Goldman Sachs as a bearish outcome for Bitcoin. The investment behemoth has established its cryptocurrency trading desk in 2017 December, following which Bitcoin (BTC) saw a sharp decline in price.
— Peter Brandt (@PeterLBrandt) March 1, 2021
Several crypto enthusiasts have highlighted the change in stance of Goldman Sachs in 2021, compared with 2017. Top enterprises have started including Bitcoin as one of the treasury assets. The US regulations are also expected to remain more favorable to crypto under the Joe Biden administration.
Notably, the US Senate Banking Committee has voted in support of Gary Gensler, a crypto friendly candidate, to head the Securities and Exchange Commission.