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Goldman Sachs anticipates explosion in bitcoin customer demand

Goldman Sachs continues to explore the bitcoin world by evaluating ways to satisfy customer demand in owning and investing in bitcoin

According to Reuters, bank President and COO, John Waldron, stated that Goldman Sachs Group Inc. is drawing up several procedures in anticipation of rising demand for bitcoin from their customers.

Goldman Sachs' aim is to satisfy their customers while remaining within regulation guidelines, as more people are looking to own and invest in bitcoin.

John Waldron Goldman Sachs COO - AIBC News

Client demand is rising. We are regulated on what we can do. We continue to evaluate it and engage on it.

The bank President also stated that Goldman Sachs are in talks with other regulators and central banks to determine the way banks should be regulated when it comes to dealing digital currencies.

Earlier this month, Goldman Sachs announced that they will relaunch its cryptocurrency trading desk which allows them to deal Bitcoin futures and non-deliverable forwards to their clients.

The trading desk includes projects in blockchain technology and central bank digital currencies.

In addition to this, Goldman has also requested information to explore digital asset custody.

The leading global investment banking, securities and investment management firm has the authority to custody digital assets but is not allowed to "principle" them, and therefore that is why they are speaking to regulators and central banks to see how they should be regulated when dealing with these digital currencies.

Waldron also believes that the pandemic played a huge part in the popularity of digital assets and currencies, acting as an accelerant.

“The pandemic has been a significant accelerant. There is no question in our mind there will be more digital commerce … and digital money.”

The sudden rise in value of Bitcoin and several cryptocurrencies has resulted in many companies and also a number of governments to view Bitcoin has a hedge against inflation.

Bitcoin and related derivatives are extremely desired by potential investors with its risky position as they search for yield in a record-low interest rate environment.

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