US banking giant Goldman Sachs recently decided to restart the cryptocurrency trading desk. This has reportedly increased demand for digital assets among its customer base.
According to a Reuters report, John Waldron, Goldman Sachs' chief operating officer, said the company is exploring how to meet the growing demand from customers looking to invest in Bitcoin (BTC).
where the chief operating officer said Goldman Sachs would continue to value and engage in digital currencies for clients.
Matt McDermott, global head of digital assets for the global markets division at Goldman Sachs, said Friday that 40% of Goldman investors have at least some exposure to digital currencies. .
Goldman is also reportedly exploring the launch of a Bitcoin exchange-traded fund, along with other methods of preserving digital assets.
where Waldron said the current pandemic has been a major accelerator for online purchases and is likely to cause an explosion of digital currency payments.
Some in the cryptocurrency space are looking to Goldman's return as a bearish indicator for Bitcoin.
the investment management firm originally set up its cryptocurrency trading desk at the peak of its 2017 peak, after which time the Bitcoin price fell dramatically.
However, many have pointed out that the cryptocurrency market Goldman faces in 2021 is different from what it was four years ago.
