The Strategist

Goldman Sachs recognises bitcoin as an asset class

05/26/2021 - 03:53

Matthew McDermott, head of digital assets at Goldman Sachs, noted the growing demand for cryptocurrencies among institutional investors. He wrote this in an email to Global Marco Research.

The world's most popular cryptocurrency, Bitcoin, has become an investment asset that is now going through a phase of adoption. This is the belief expressed by McDermott.

In a letter, he acknowledged the growing demand for cryptocurrencies among institutional investors and asset managers, CoinDesk writes.

He believes that inconsistent actions by regulators in many countries could have a negative impact on the development of the digital asset market. However, he noted that cryptocurrency storage solutions have become safer.

Some US bank clients are showing interest in cryptocurrency: in addition to bitcoin, they are turning their attention to Ethereum.

A top Goldman Sachs executive added that the bank will offer corporate clients access to cryptocurrency through a fund or structured products.