Bitcoin demand from clients is rising, says Goldman Sachs COO


Goldman Sachs chief operating officer and bank president John Waldron said Wednesday that his clients’ interest in investing in Bitcoin had increased.

“Customer demand is increasing,” Waldron said in a Wolfe Virtual FinTech forum. “We are regulated what we can do. We continue to evaluate it … and we are committed to it.”

The world’s most popular cryptocurrency flirted at record highs on Wednesday, breaking through market cap of $ 1 trillion for the third time, and climbing back above the $ 57,000 level. On February 21, it hit a record high of $ 58,640.

Waldron told Reuters that the bank can “but not in principle” hold digital assets. The executive also said Goldman is discussing with regulators how banks can handle digital assets in the future.

The US Securities and Exchange Commission obtained a public statement on the safekeeping of digital assets in December 2020.

The rise of retailers accelerated in 2020 as more people stayed at home due to pandemic restrictions, which coincided with the increasing popularity of commission-free investing and easy-to-use mobile trading platforms like Robinhood.

Goldman Sachs announced on March 1 that the company had restarted its cryptocurrency trading desk amid a bitcoin boom. The bank also announced it would trade bitcoin futures and undeliverable forwards to keep up with the rapidly evolving digital asset sector.

“The pandemic was a major accelerator,” Waldron said. “We have no question that there will be more digital commerce … and (use of) digital money.”

That being said, the price of Bitcoin has recently been bolstered by speculation that the third round of stimulus checks will inject more

in cryptocurrencies.