{"id":4933,"date":"2024-03-21T12:01:37","date_gmt":"2024-03-21T10:01:37","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=4933"},"modified":"2024-03-21T12:01:37","modified_gmt":"2024-03-21T10:01:37","slug":"goldman-sachs-digital-asset-head-says-crypto-rally-driven-by-retail-investors","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=4933","title":{"rendered":"Goldman Sachs digital asset head says crypto rally driven by retail investors"},"content":{"rendered":"
The recent surge in cryptocurrency prices has been driven by retail investors, but institutions are starting to join in, Goldman Sachs\u2019 head of digital assets Mathew McDermott said earlier this week.<\/strong><\/p>\n
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Bitcoin, the biggest cryptocurrency, hit an all-time high of $73,794 last week and has gained 50 per cent so far this year, pulling other crypto prices along with it.\u201cThe price action \u2026 has still been driven by retails primarily. But it\u2019s the institutions that we\u2019ve started to see come in,\u201d McDermott said, speaking at the Digital Asset Summit (DAS) conference in London. \u201cYou really see now the appetite is transformed.\u201dGoldman Sachs launched a crypto trading desk in 2021 and is continuing to build on it, McDermott said.\u201cLast year was tough but just coming through to this year we\u2019ve seen a big sea-change not only in terms of the types of clients but also in terms of volumes,\u201d he said.No one knows for sure what is driving bitcoin\u2019s latest gains, although analysts point to billions of dollars that have flowed into US spot bitcoin ETFs which launched this year. McDermott said that the ETFs prompted a \u201cpsychological shift\u201d.The bitcoin rally has cooled slightly in recent days, along with other riskier assets, after a series of US data releases that suggested the Federal Reserve may not cut interest rates this year as much as previously expected.BANKRUPTCY CLAIMS<\/strong>Cryptocurrencies surged during 2020 and 2021, when ultra-low interest rates helped drive speculative investment.The pandemic-era boom was followed by a sharp plunge in 2022, when a string of bankruptcies and failures at the biggest crypto firms, including FTX, wiped $2 trillion off the crypto market and left millions of investors out of pocket.McDermott also said the bank had been \u201clooking at the bankruptcy claims and some of the other investing opportunities,\u201d without giving further details.Regulators have long warned that bitcoin is a high-risk asset, with limited real-world use cases.The Goldman executive said there was \u201ca certain component of leverage in the system\u201d currently but not the same \u201chyperbole\u201d as during 2021 and 2022.Various banks, including Goldman Sachs, have expressed an interest in crypto\u2019s underlying blockchain technology, saying it could be used to trade assets other than cryptocurrencies.There have been pilot projects to issue blockchain-based versions of traditional financial assets, such as bonds, but there is no routine issuance or liquid secondary market.\u201cI do think over time we\u2019ll start to see more asset classes get tokenised and actually get some scale \u2013 but maybe that\u2019s one or two years down the line,\u201d McDermott said.<\/div>\n","protected":false},"excerpt":{"rendered":"

The recent surge in cryptocurrency prices has been driven primarily by retail investors, with institutions beginning to participate, according to Goldman Sachs’ head of digital assets, Mathew McDermott. Bitcoin reached an all-time high of ,794 last week and has seen a 50% increase this year. Goldman Sachs launched a crypto trading desk in 2021 and has observed a significant change in client types and trading volumes this year. Analysts suggest that the influx of funds into US spot bitcoin ETFs, which launched this year, may be contributing to bitcoin’s gains. The cryptocurrency market experienced a boom during 2020 and 2021, driven by low interest rates, but faced a downturn in 2022 following a series of bankruptcies among major crypto firms, leading to a trillion loss in market value. McDermott mentioned Goldman Sachs’ interest in bankruptcy claims and investment opportunities in the crypto sector. Despite the volatility and risks associated with bitcoin, there is interest in the blockchain technology behind cryptocurrencies for trading assets other than cryptocurrencies. McDermott anticipates that more asset classes will be tokenized in the future, potentially gaining scale within one or two years.<\/p>\n","protected":false},"author":3,"featured_media":4934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1902,611,77,823,2542,80,2478,350,1470,2826,3,2369,259,2403,52,2110,250,1823,2828,899,1401,2753,1882,450,1033,1400,2827,1565,1682,1006,380,601,1925,18],"class_list":["post-4933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-bank","tag-banks","tag-bitcoin","tag-blockchain","tag-conference","tag-crypto","tag-crypto-market","tag-cryptocurrencies","tag-cryptocurrency","tag-cryptocurrency-prices","tag-cyprus","tag-data","tag-digital-asset","tag-driving","tag-federal-reserve","tag-funds","tag-google","tag-increase","tag-institutions","tag-interest","tag-interest-rates","tag-investment","tag-investment-opportunities","tag-london","tag-prices","tag-rally","tag-retail-investors","tag-surge","tag-technology","tag-trade","tag-us","tag-us-data","tag-volatility","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nGoldman 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