Goldman exec sees trading volume boost
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Goldman Sachs Group Inc’s digital asset executive, Matthew McDermott has revealed that he expects to see a significant upshot in trading volume should the much-anticipated spot Bitcoin ETF product be approved. Valid Thesis on Market Reactions McDermott’s optimism about the reaction of the market to any potential regulatory greenlight for a Bitcoin ETF is not immediate. Rather, he expects the traction to start building up from this moment until about two years from now. The Goldman Sachs executive is optimistic that Wall Street’s interest in crypto derivatives products will also increase soon but contingent upon spot BTC ETF approval. The digital currency ecosystem has been a very intriguing terrain for mainstream financial services firms in recent times. While Bitcoin’s astounding 150% growth Year-to-Date (YTD) growth is the talk of most asset managers considering how other mainstream assets have relatively underperformed. However, McDermott said his core interests in the Web3.0 world extends beyond just cryptocurrencies and the hype they come with to tokenization of real world assets like bonds using Blockchain technology. According to him, the interest in anything digital assets has seen a “huge appetite”in recent times, a trend he said has “grown significantly” from this time last year. “Probably within the next one to two years you’ll see a big significant uptick in the quantum trading on-chain, probably three to five years to really see these marketplaces at scale,” McDermott said. Bitcoin ETF Interest is Genuine There have been a large number of predictions about the yet to be approved Bitcoin ETF product. With more market leaders optimistic about the potentials of an ETF approval by mid-January to sometime in March, Wall Street expects an inflow of at least $100 billion into the market with VanEck projecting a conservative $2.4 billion in the first quarter of next year. Overall,…
Filed under: News - @ December 14, 2023 6:16 am