Market Analysis

Goldman Sachs – Investors Increasing Demand For Bitcoin.

Goldman Sachs has been observing an increasing demand for Bitcoin [BTC, +1.18%] among its clients, consistent with its president and COO [Chief Operating Officer].

Within an official report by Reuters earlier on Wednesday, John Waldron added that, while Goldman was “regulated” on what it could do, the bank continues to “evaluate” BTC and “engage” with clients.

“Demand is rising,” said Waldron, who is additionally Goldman’s bank president.

The comments come as the bank relaunched its crypto trading desk, 3-years after shelving plans to try for so, with the intention to support futures trading for bitcoin.

The move also exposes the likelihood for Goldman to pursue a bitcoin ETF [Exchange-traded Fund] as it strengthens its push into the virtual assets. Additionally, the multinational investment bank has issued an invitation for information to explore cryptocurrency custody, as reported earlier.

Waldron added that while the bank can custody virtual assets, it “can’t principle” them and added Goldman was discussing with watchdogs how banks should be regulated with regard to virtual assets, consistent with the report.

The executive also explained Goldman believes online commerce spurred by COVID-19 outbreak-related purchasing will continue and cause an “explosion” within the use of virtual currency.

“There is any question in our mind there’ll be more digital commerce- and [use of] digital money.”

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