With the cryptocurrency market capitalization hitting $1.75 trillion, Wall Street investment banking giant Goldman Sachs states that the cryptocurrency adoption has just begun.
John Waldron, President and COO of Goldman Sachs, in a Reuter’s report on Bitcoin and cryptocurrencies, has stated that the growth of e-commerce against the backdrop of Covid-19 pandemic will pave way for an “explosion” in the use of cryptocurrencies.
“The pandemic has been a significant accelerant. There is no question in our mind there will be more digital commerce … and (use of) digital money.”
Waldron further states that the count of clients evincing interest in Bitcoin is rising, pushing the bank to take steps and clear the regulatory issues that keeps the US citizens at bay from the numero uno cryptocurrency.
“Client demand is rising. We are regulated on what we can do. We continue to evaluate it… and engage on it.”
Waldron also states that the bank is studying distinct Bitcoin products and offerings after reviving its cryptocurrency trading desk in recent times. Earlier, Goldman revealed its intention to set up a crypto trading desk during the earlier bullish rally in December 2017, but put aside those ideas in September 2018, pointing to lack of transparency in regulations.
The Goldman Sachs executive states that the bank is in negotiations with regulators with regards to supervision of conventional financial institutions administering cryptocurrencies.
Gary Gensler, the forthcoming US Securities and Exchange Commission (SEC) chairman, during the senate confirmation hearings, has guaranteed to provide regulatory transparency as he confirmed that cryptos have brought a sea-change in the payment domain.
“Bitcoin and other cryptocurrencies brought new thinking to payments but raised new issues of investor protection we still need to attend to. It’s important for the SEC to provide guidance and clarity. Sometimes that’s a clarity that will be a thumbs up, but even if it’s thumbs down, it’s important to provide that.”
