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Demand for Bitcoin is Rising! Goldman Sachs Announces

  • Goldman Sachs COO, John Waldron, states that more of its clients are seeking Bitcoin.
  • Goldman Sachs is on the hunt for avenues to satisfy the growing demand without breaking any existing rules.
  • The firm is also exploring the possibility of floating a Bitcoin exchange-traded fund.
  • Bitcoin reached its ATH of $58,330 in February of 2021 after being buoyed by large investments from big corporations.

A major Wall Street player, Goldman Sachs, has announced that a great number of its clients are demanding Bitcoin.

In recent times, Bitcoin has gained massive popularity after it went on an impressive price run, gaining over 50% and reaching an all-time high of $58,330 in February.

John Waldron, COO of Goldman Sachs, said the firm is looking for ways to meet the increasing demand for Bitcoin by its customers without breaking any existing legislation. He also said that the firm is considering floating a bitcoin-exchange traded fund.

Huge Demand For Bitcoin

The bullish trend of cryptocurrencies in 2021 saw the market capitalization of the entire industry reach $1.72 trillion, according to data from CoinMarketCap.

Bitcoin profited from the general bullish run to reach its all-time high of over $58,000 and was supported by institutional investors and an avalanche of retail investors, who were largely influenced by the fear of missing out.

Goldman Sachs COO, John Waldron, said, “Demand is rising,” and the firm is actively looking for ways to satisfy the growing need for Bitcoin.

John Waldron, who also doubles as the firm’s president, noted that the growth of cryptocurrencies is directly tied to the pandemic and we’re bound to see an increase in the use of digital currencies. “There is no question in our mind there will be more digital commerce … and [use of] digital money,” he said.

This comes on the back of the firm looking to launch its trading desk to support futures trading after abandoning all such plans three years ago due to regulatory concerns. The trading desk could see the creation of a Bitcoin exchange-traded fund that will provide convenience and diversity to the bank’s customers.

Meanwhile, Goldman Sachs has issued a request for information to explore digital asset custody in a move that points to concerted efforts to embrace cryptocurrency.

Waldron noted that the multinational investment bank will be in constant communication with regulators to figure out how to provide cryptocurrency services to its customers and satisfy demand without running afoul of existing rules.

On the Flipside

  • Bitcoin ETF sellers in Sweden have been urged to avoid the average customer.
  • Sweden’s financial watchdog has told investment firms and banks to think twice before selling exchange-traded crypto-tracking products to average consumers.
  • Software hasn’t eaten Wall Street yet, but Ethereum And DeFi could be about to, say analysts.

Wall Street Shows A Keen Interest

In January, Goldman Sachs put in a request for information (RFI) to explore digital asset custody. Then in February, banking powerhouse BNY Mellon announced it was offering custodial services for cryptocurrencies.

JPMorgan Chase published a report warning that traditional financial companies are at risk of falling behind in digital finance, and even went as far as creating a new arm, called Onyx, which employs a hundred people to oversee its digital currency operations.

According to Takis Georgakopoulos, global head of wholesale payments at JPMorgan Chase:

We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business.

Aside from banks, payment gateways like Mastercard, Square, and PayPal are all striving to meet their clients’ demands and provide them with a seamless cryptocurrency experience.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Crypto and fintech are my passion, I hope that one day when people read my articles will say nothing but nod in approval to themselves.