Goldman Sachs has a more positive outlook on Bitcoin, calling it the “new currency”. spot Bitcoin ETFs The following are some of the ways to get in touch with each other: “astonishing success” After many years of doubt.
JUST IN: 🇺🇸 Goldman Sachs says the #Bitcoin ETF approval has been a "big psychological turning point."
This has been an ongoing issue for a long time. “astonishing success.” 🚀 pic.twitter.com/fcuhXMyAah
— Bitcoin Magazine (@BitcoinMagazine) May 30, 2024
Mathew MacDermott is Goldman Sachs’ global head of digital asset, and he spoke at the Consensus event. said SEC’s approval of spot Bitcoin ETFs The beginning of the year was marked by a “big psychological turning point” The industry.
“The Bitcoin ETF obviously has been an astonishing success,” McDermott signaled a change of Goldman’s position after previously dismissing the concept of Bitcoin ETFs.Â
Since then, the bank is now an authorized participant in BlackRock’s IBIT Bitcoin ETF which was launched by BlackRock back in January. The ETF has recently become the biggest in the world, exceeding $20 billion assets quicker than any ETF ever.
McDermott made his bullish remarks after massive bitcoin ETF inflows to the US, which suggests growing Wall Street acceptability.Â
Goldman Sachs and other legacy financial giants have been sceptical about Bitcoin ETFs for years. Many former doubters have been converted by the overwhelming demand.
McDermott noted a surge in interest by both institutional and retail investors for these regulated investments vehicles. BlackRock, Fidelity and other giants now manage billions of dollars in spot Bitcoin ETFs.
These products are clearly opening the doors for Wall Street funds to gain access Bitcoin. Goldman is also expanding its offerings with derivatives, market research and other services.
Comments indicate legacy finance will increasingly adopt Bitcoin. Goldman Sachs and BlackRock, two traditional finance institutions that have praised Bitcoin ETFs in recent months, seem to be paving the way for a wider adoption.
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Source: bitcoinmagazine.com
