Goldman Sachs is taking an increasingly positive tone on bitcoin, calling new bitcoin spot ETFs a “surprising success” after years of skepticism.
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ONLY IN: Goldman Sachs says that twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The approval of the ETF was a "great psychological turning point."
It has been an “amazing success.” pic.twitter.com/fcuhXMyAah
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1796166671222149616?ref_src=twsrc%5Etfw”>May 30, 2024
At the Consensus 2024 conference hosted by CoinDesk, Goldman's global head of digital assets, Mathew McDermott, bitcoin-and-ethereum-etf-prediction-after-price-turning-point/?sh=5cf815c3327e”>saying The SEC's approval of spot bitcoin ETFs earlier this year marked a “major psychological turning point” for the industry.
“The bitcoin ETF has obviously been an amazing success,” McDermott said, signaling a change in Goldman's stance after previously dismissing the idea of bitcoin ETFs.
The bank has since gotten in on the action, acting as an authorized participant for BlackRock's IBIT bitcoin ETF, which launched in January. That ETF x.com/BitcoinMagazine/status/1796120216780333409″>recently became the largest in the world, surpassing $20 billion in assets faster than any other ETF in history.
McDermott's bullish comments come after massive inflows into US spot bitcoin ETFs, suggesting growing acceptance on Wall Street.
The warm acceptance of bitcoin ETFs follows years of skepticism from traditional financial giants like Goldman. But the staggering demand has converted many former detractors.
McDermott cited growing interest from retail and institutional investors in these regulated investment vehicles. Giants like BlackRock and Fidelity now operate spot bitcoin ETFs that manage billions in assets.
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Clearly, these products have opened the floodgates for Wall Street money to access bitcoin. And Goldman itself is expanding its offerings through derivatives, research and more.
Feedback indicates that legacy finance is increasingly being incorporated into bitcoin. With traditional financial institutions like Goldman and BlackRock praising bitcoin ETFs, broader adoption seems inevitable.
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