Goldman Sachs: Bitcoin ETF is a ‘remarkable success’
Goldman Sachs is striking an increasingly positive tone on Bitcoin, calling its new Bitcoin ETF a “remarkable success” after years of skepticism.
JUST IN: 🇺🇸 Goldman Sachs says: #Bitcoin ETF approval is "A big psychological turning point."
It was a “remarkable success.” 🚀 pic.twitter.com/fcuhXMyAah
— Bitcoin Magazine (@BitcoinMagazine) May 30, 2024
Mathew McDermott, Goldman’s global head of digital assets, said at the Consensus 2024 conference hosted by CoinDesk that the SEC’s approval of a spot Bitcoin ETF earlier this year was a “big psychological turning point” for the industry.
“Bitcoin ETFs have obviously been incredibly successful,” McDermott said, signaling a change in Goldman Sachs’ stance after previously dismissing the idea of a Bitcoin ETF.
The bank subsequently joined the action, serving as an authorized participant in BlackRock’s IBIT Bitcoin ETF, which launched last January. The ETF recently became the world’s largest, surpassing $20 billion in assets faster than any other ETF in history.
McDermott’s bullish comments come after massive inflows into U.S. spot Bitcoin ETFs, suggesting growing acceptance on Wall Street.
The warm acceptance of Bitcoin ETFs follows years of skepticism from established financial giants like Goldman. But the overwhelming demand converted many who had previously opposed it.
McDermott noted a surge in interest from both retail and institutional investors in these regulated investment vehicles. Giants like BlackRock and Fidelity now operate spot Bitcoin ETFs with billions of dollars in assets under management.
Clearly, these products have opened the floodgates for Wall Street funds to access Bitcoin. And Goldman itself is expanding its services with derivatives, research and more.
This opinion indicates that legacy finance is increasingly being incorporated into Bitcoin. With traditional financial institutions like Goldman and BlackRock now praising Bitcoin ETFs, wider adoption seems inevitable.
