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Goldman Sachs COO on BTC: No question in our mind there will be more use of digital money



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With Bitcoin nearing its all-time high and bullish traders anticipating a $60,000 breach, it comes as no surprise that one of the largest investment banks is facing unprecedented client demand for the asset. However, as Goldman Sachs faces demand from clients who all want to invest in Bitcoin, the investment banking group intends to meet this demand while keeping government regulations in mind. According to John Waldron, bank President, and Chief Operating Officer:

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

Earlier this month, Goldman Sachs relaunched its crypto trading desk, alongside dealing Bitcoin futures and non-deliverable forwards. Other than restarting the crypto trading desk, Goldman has been involved in digital assets-focused activities. This includes projects that explore blockchain technology as well as central bank digital currencies (CBDCs).

The investment bank has also been on the lookout for more information on digital asset custody, and will thus explore a Bitcoin exchange-traded fund. 

According to Waldron the bank can custody digital assets “but can’t principle” them. 

Reports stated that Goldman is “in talks with regulators” and authorities from central banks “about how banks should be regulated when dealing with digital money.”

The Goldman chief further said that a surge in e-commerce activities due to the coronavirus outbreak could have been a catalyst for crypto markets. According to him, if the digital trend continues it could cause an “explosion” in the use of crypto assets. He added: 

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

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Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States