Goldman Sachs Group Inc. examines how it can satisfy the rising demand to hold and invest in Bitcoin while still complying with the law. In a Wolfe Virtual Fintech forum event, Goldman Sachs bank President and Chief Operating Officer (COO), John Waldron, said the firm is investigating how to meet increasing demand from clients contemplating investments in Bitcoin. John Waldron said Goldman Sachs would “continue to evaluate” and “engage on” crypto for consumers. Moreover, Waldron continued that U.S. banks have to cope with regulations prohibiting trading physical cryptocurrencies.
He also advocated that Goldman conversed with the regulators and the Federal Reserve regarding how they can get custody of digital assets. It also discussed on how regulations governing their functions when dealing with virtual currencies. Furthermore, Matt McDermott, global head of digital assets for Goldman Sachs global markets division affirmed that 40% of Goldman investors know about crypto. Goldman is also currently exploring the launch of a Bitcoin ETF, along with additional ways to custody digital assets.
Covid-19 to drive the surge in Digital Currency Payments including Bitcoin
Waldron advocates that the Covid-19 has been a prominent accelerant for online purchases. Hence, it would probably cause an explosion in digital currency payments. On March 1, 2021, Goldman Sachs declared that it resumed the crypto trading desk after three years of stagnancy. It will again facilitate Bitcoin futures trading and non-deliverables to ramp up with the continuously developing crypto sector. The decision designates another significant milestone in the asset’s mainstream adoption, which already took a massive step forward over the last three months.
Furthermore, Bitcoin hit record highs as more firms adopted the crypto boom. The most comprehensive digital asset has lately been experiencing a steady climb. Thus, buoyed by considerations that the third round of stimulus checks would include more liquidity into crypto assets. On Wednesday, March 10, the world’s biggest cryptocurrency scaled back to the $57,000 level. Therefore, breaching the $1 trillion market cap for the third time. It climbed to an all-time high of $58,640 on February 21.
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