Goldman Sachs is taking an increasingly positive tone on Bitcoin, calling its new spot Bitcoin exchange-traded funds an “amazing success” after years of skepticism.
Just in: 🇺🇸 Goldman Sachs says #Bitcoin The approval of the European Training Foundation was A "A major psychological turning point"
It was an “amazing success”. 🚀 pic.twitter.com/fcuhXMyAah
– Bitcoin Magazine (@BitcoinMagazine) May 30, 2024
At the Consensus 2024 conference hosted by CoinDesk, Matthew McDermott, global head of digital assets at Goldman, said, He said The SEC's approval of spot bitcoin ETFs earlier this year marked a “big psychological turning point” for the industry.
“Obviously the Bitcoin ETF has been an incredible success,” McDermott said, signaling a change in position for Goldman after previously rejecting the idea of Bitcoin ETFs.
The bank has since joined the action, as an approved participant in BlackRock's IBIT Bitcoin ETF, which launched in January. That's the European Training Foundation newly It became the largest ETF in the world, exceeding $20 billion in assets faster than any other ETF in history.
McDermott's upbeat comments come after massive inflows into spot bitcoin ETFs in the US, indicating growing acceptance on Wall Street.
The warm embrace of Bitcoin ETFs comes after years of skepticism from legacy finance giants like Goldman. But the astonishing demand has converted many previous holdouts.
McDermott noted the growing interest from both individual and institutional investors in these regulated investment vehicles. Giants like BlackRock and Fidelity now operate spot Bitcoin ETFs managing billions in assets.
These products clearly opened the door for Wall Street money to access Bitcoin. Goldman itself is expanding offerings through derivatives, research and more.
Comments indicate that legacy finance is increasingly joining Bitcoin. With traditional financial institutions like Goldman and BlackRock now praising Bitcoin ETFs, wider adoption seems inevitable.