Goldman Sachs Predicts “Explosion” in Use of Digital Currencies

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Thu, 03/11/2021 - 06:21
Alex Dovbnya
Goldman Sachs COO John Waldron expects the demand for crypto to soar through the roof
Cover image via stock.adobe.com
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John Waldron, the chief operating officer of Goldman Sachs, says that client demand for cryptocurrencies is rising in a recent interview with Reuters.

He notes that the pandemic has significantly accelerated the pace of cryptocurrency  adoption, and he now expects an “explosion” in crypto:         

The pandemic has been a significant accelerant. There is no question in our mind there will be more digital commerce … and (use of) digital money. 

One of the biggest Wall Street banks is now attempting to strike a balance between meeting this demand and following regulations:

We are regulated on what we can do. We continue to evaluate it ... and engage on it.

Waldron also reveals that Goldman is currently having discussions with regulatory bodies and central banks around the globe about how the nascent asset class should be approached.

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Goldman has big plans for Bitcoin

Goldman Sachs started trading Bitcoin futures earlier this week after reopening its cryptocurrency trading desk.

The banking institution is looking into an exchange-traded fund (ETF) tied to Bitcoin while also planning to offer cryptocurrency custody.

However, trader Peter Brandt recently warned that Goldman’s focus on crypto wasn’t necessarily bullish for the flagship coin.

Image by @PeterLBrandt
                                       
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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