Goldman Sachs has become increasingly positive about Bitcoin, Spot Bitcoin ETF “Astonishing success” after years of skepticism.
Latest Update: 🇺🇸 Goldman Sachs #Bitcoin ETF approval "A major psychological turning point."
It was a “surprising success.” 🚀 pic.twitter.com/fcuhXMyAah
— Bitcoin Magazine (@BitcoinMagazine) May 30, 2024
Speaking at the Consensus Conference, Matthew McDermott, Goldman’s global head of digital assets, said: Said The SEC Spot Bitcoin ETF Approval The beginning of this year marked a “major psychological turning point” for the industry.
“The Bitcoin ETF has clearly been an astonishing success,” McDermott said, signaling a change of stance from Goldman, who had previously dismissed the idea of a Bitcoin ETF.
The bank then joined the movement, becoming an admitted participant in BlackRock’s IBIT Bitcoin ETF when it launched in January. The ETF recently became the world’s largest, surpassing $20 billion in assets faster than any other ETF in history.
McDermott’s bullish comments come following huge inflows into U.S. physical Bitcoin ETFs, signaling growing acceptance on Wall Street.
The warm reception to a bitcoin ETF comes after established financial giants like Goldman Sachs were skeptical for years, but phenomenal demand has caused many of the former naysayers to change their minds.
McDermott noted that these regulated investment vehicles are seeing growing interest from both retail and institutional investors, with major firms such as BlackRock and Fidelity now running spot Bitcoin ETFs with billions of dollars in assets under management.
Clearly, these products have opened the door for Wall Street funds to access bitcoin, and Goldman itself is expanding its offerings through derivatives, research and more.
The comments indicate that traditional financial institutions are increasingly getting on board with Bitcoin, and with traditional financial institutions such as Goldman and Blackrock praising a Bitcoin ETF, wider adoption seems inevitable.
