This week we got a new podcast featuring Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division. He discussed booming crypto demand from clients and what’s driving the move.
Bitcoin.com provided a nice summary of the conversation. Here are some of my favorite excerpts.
“… all of our institutional client discussion is really focused around bitcoin …”
“…In terms of institutional demand, we have seen no signs of that abating […] We see a huge amount of demand institutionally, [and] we’re also seeing that reflected in the private wealth management space as well …”
“… the key drivers from their perspective are negative rates … [and] just the general fears around asset devaluation …”
… Out of the institutional clients that have crypto exposure, the survey shows that 41% own physical or spot crypto …
… 61% of the clients expect their digital asset holdings to increase over the next year …
… 76% say the price of bitcoin could reach $100,000 this year ...
Even Goldman Sachs is now admitting that low rates and fiat concerns are driving bitcoin adoption now!
Reuters also covered the Goldman Sachs news. Here are some more highlights from their article.
… Goldman believes this trend will continue and that it will cause a corresponding “explosion” in the use of digital currency, Waldron said …
“… Client demand is rising,” Waldron said. “We are regulated on what we can do. We continue to evaluate it … and engage on it …”
“… The pandemic has been a significant accelerant,” Waldron said. “There is no question in our mind there will be more digital commerce … and (use of) digital money …”
Fascinating stuff here. Even Goldman is now using talking points we’ve been all over for years. Also, be sure to check out today’s Early Investing article. It’s a deep dive into what’s driving bitcoin’s rise and the overall crypto market.
All signs are pointing to a durable bull market that should continue for quite a while.