It has been just four days since Goldman Sachs re-opened its crypto trading desk for its clients. Now the famous American investment bank is under heavy pressure from investors, who are now more keen than ever to invest in Bitcoin.
According to John Waldron, Chief Operating Officer, the bank is trying to please client’s rising demand for BTC while also keeping up with regulations from institutions (like the Securities and Exchange Commission).
Client demand is rising. We are regulated on what we can do. We continue to evaluate it and engage in it.
Stated Waldron for Reuters
The large inflow of clients is followed by the recent price increase of Bitcoin, reaching a new All-time of $57,000, flirting with trading levels up to $58,700. The bullish sentiment remains strong despite the abrupt and fast-paced price increase.
Demand for a Bitcoin ETF
Currently, the bank seeks to open a Bitcoin Exchanged-traded Fund, but they are not the only institution looking for it. The NYDIG (New York Digital Investment Group) filed weeks ago to the SEC to open a Bitcoin ETF together with Morgan Stanley.
Waldron believes that digital commerce would likely hit a milestone in 2021. Cryptocurrencies could take a greater role in the digital economy now that these institutions are trying to pave the way for broader adoption.
There is no question in our mind there will be more digital commerce and the use of digital money. The pandemic has been a significant accelerant.
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