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 is a "big psychological turning point."
The senate has passed a bill to amend the Constitution. “astonishing success.” 🚀 pic.twitter.com/fcuhXMyAah
— Bitcoin Magazine (@BitcoinMagazine) May 30, 2024
Mathew McCDermott was Goldman’s Global Head of Digital Assets at CoinDesk’s Consensus 2024 event. said The SEC approval of spot Bitcoin ETFs This year marks the tenth anniversary of the 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 Bitcoin ETFs.Â
BlackRock launched its IBIT bitcoin ETF in January. The bank joined that action as an authorized member. The ETF is a good example. recently It grew faster than all other ETFs in history, exceeding $20 billion of assets.
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 of Bitcoin ETFs for years. Many former doubters have been converted by the overwhelming demand.
McDermott pointed to the soaring interest of both retail and institution investors in these investment vehicles. BlackRock and Fidelity operate Bitcoin spot ETFs that manage billions of assets.
These products are clearly opening the doors for Wall Street funds to gain access to Bitcoin. Goldman is also expanding its offerings with derivatives, market research and other services.
Comments indicate legacy finance has begun to embrace Bitcoin. Goldman, BlackRock and other traditional financial institutions are now applauding Bitcoin ETFs. This suggests that wider adoption is inevitable.
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Source: bitcoinmagazine.com