US banking giant Goldman Sachs recently decided to restart its cryptocurrency trading platform. According to reports, this move has increased the demand for digital assets from Goldman Sachs' customer base.
According to a Reuters report, Goldman Sachs Chief Operating Officer John Waldron said that the company is exploring how to meet customers' growing Bitcoin investment needs. The chief operating officer stated that Goldman Sachs will "continue to evaluate and participate" in cryptocurrencies for customers.
In addition, Matt McDermott, Global Head of Digital Assets at Goldman Sachs Global Markets, said on Friday that 40% of Goldman Sachs investors hold at least some cryptocurrency exposure.
According to reports, Goldman Sachs is also exploring the launch of a Bitcoin exchange-traded fund (ETF) and further methods for custody of digital assets. Waldron said that the current epidemic has become an "important catalyst" for online shopping and may lead to an "outbreak" of digital currency payments.
Some people in the crypto space see Goldman Sachs' re-entry as a bearish indicator for Bitcoin. This investment management company initially established a cryptocurrency trading department at the peak of the bull market in 2017, after which the price of Bitcoin fell sharply.
The older generations in the United States have realized that whenever Goldman Sachs enters a niche market, it is time to protect your money.
-Peter Brandt (@PeterLbrandt) March 1, 2021
However, many people pointed out that the crypto market that Goldman Sachs faces in 2021 may be different from four years ago.
Large companies have now adopted Bitcoin as a reserve asset. Under the leadership of Joe Biden's administration, the regulatory environment in the United States may also be more conducive to cryptocurrency. On Wednesday, the U.S. Senate Banking Committee voted for Gary Gensler, a candidate for cryptocurrency, as the chairman of the U.S. Securities and Exchange Commission (SEC).