Goldman Sachs predicts a remarkable surge in trading volumes of blockchain assets by 2025.
Goldman Sachs, the renowned Wall Street financial institution, predicts a significant increase in trading activity for blockchain-based assets in the coming years due to the growing demand for distributed ledgers. The global head of digital assets at Goldman Sachs, Mathew McDermott, revealed in a recent interview with Reuters that there is a “huge appetite” for digital assets and that this trend has seen substantial growth since the beginning of 2023.
However, McDermott acknowledges that the blockchain market is still relatively small compared to other assets such as bonds or gold. Despite this, he notes that there has been an increased interest in cryptocurrencies, particularly in the potential of a Bitcoin ETF. McDermott does not anticipate an immediate surge in liquidity and price but believes that the approval of a Bitcoin ETF could attract new wealthy investors to the market.
As previously reported, the U.S. Securities and Exchange Commission (SEC) has until January 15, 2024, to decide on BlackRock’s ETF application, with a final deadline set for March 15, 2024. Other financial firms, including Grayscale, Bitwise, VanEck, WisdomTree, Invesco Galaxy, Fidelity, and Hashdex, are also awaiting the SEC’s decision on their ETF applications.
In the meantime, SEC chair Gary Gensler refrains from making any judgments on Bitcoin spot ETFs, highlighting the prevalence of bad actors, fraud, manipulation, and money laundering within the crypto market. Bloomberg’s analysts speculate that the SEC may deny all ETF applications, a move they describe as “amazingly sadistic.”
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