ETFs
Bitcoin ETFs are ‘astonishingly successful,’ says Goldman Sachs head
Photo: José Cabezas (Reuters)
During the Consensus 2024 conference organized by CoinDeskGoldman Sachs said the new spot Bitcoin ETFs are an “astonishing success”.
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Mathew McDermott, global head of digital assets at the investment bank, said the SEC’s approval of spot Bitcoin ETFs the beginning of the year marked a “great psychological turning point”. CoinDesk Reports.
The Securities and Exchange Commission recently approved eight Ethereum spot ETFs, and McDermott hopes more progress will be made. “This is a natural progression that ETH will hopefully be approved to become a fully tradable ETF.” McDermott said at the conference.
A few years ago, Goldman Sachs was skeptical of crypto, saying it was not suitable for investment. Soon the investment bank said it recognized its potential, saying no To call it successful would be “arrogant”.
Alongside Goldman Sachs, other financial institutions, such as BlackRock, Fidelity and others, have entered the crypto world and introduced different financial products. Earlier this year, after the approval of spot Bitcoin ETFs, The crypto industry has become more mainstream than ever. Recently, BlackRock’s Spot Bitcoin ETF, IBIT, Became the World’s Largest Bitcoin Fundamassing nearly $20 billion in total assets.
Financial giants like BlackRock has started tokenizing assetsand McDermott believes this trend is growing because of its “digital lifecycle” benefits, CoinDesk reported.
When asked if crypto would ever replace banks, he said financial institutions like Goldman Sachs see crypto and blockchain as a way to improve efficiency and transform the financial world, according to the report .