US banking giant Goldman Sachs recently decided to restart the cryptocurrency trading division. This has reportedly increased the demand for digital assets among the customer base.
According to a Reuters report, John Waldron, CEO of Goldman Sachs, said the company is exploring how to meet the growing demand from customers who want to invest in bitcoin (BTC). The COO said Goldman Sachs will “continue to value” and “attract” cryptocurrencies to customers.
Matt McDermott, head of digital assets for the global market division at Goldman Sachs, said on Friday that 40% of Goldman investors have at least some influence over cryptocurrencies.
Goldman is also reportedly investigating the possibility of starting a bitcoin-listed fund, as well as other methods of preserving digital assets. Waldron said the current pandemic has resulted in a “significant acceleration” in e-commerce and is likely to trigger an explosion in digital currency payments.
Some in the cryptocurrency area expect Goldman to return as a bearish indicator for Bitcoin. The investment management company originally established a separate marketplace for cryptocurrencies in the middle of the optimistic period of 2017, after which the bitcoin price fell.
However, many noted that the cryptocurrency market that Goldman will face in 2021 is different from what it was four years ago.
Large companies have now used Bitcoin as a reserve. The regulatory environment in the United States is also likely to be more favorable to cryptocurrencies under the Joe Biden administration. On Wednesday, the U.S. Senate Banking Committee voted that cryptocurrency support candidate Gary Gensler should head the Securities and Exchange Commission.