Industry News

Cryptocurrency interest: 40% of Goldman Sach’s clients have crypto exposure, survey

TL;DR Breakdown

  • Goldman Sachs in a recent survey about cryptocurrency interest, confirms that 40 percent of its investors are now open to cryptocurrency.
  • 76 percent of those who showed cryptocurrency interest see Bitcoin ending 2021, trading between $40,000 and $100,000.

The American investment bank, Goldman Sachs in a recent survey about cryptocurrency interest, confirms that 40 percent of its investors are now open to cryptocurrency.

The banking giant has confirmed its plans to rebuild the cryptocurrency trading desk in the face of rising demand from investors.

Matt McDermott, Global Head of Digital Assets for Goldman Sachs Global Markets Division, announced that the company will provide access to CME Bitcoin (BTC) futures on its upcoming cryptocurrency platform. In Friday’s “Goldman Sachs podcast,” the executive also noted that Goldman Sachs will offer crypto services with non-delivery forwards, or NDFs that stand for cash-setting, and usually short-term forward contracts.

McDermott noted that the crypto platform of Goldman Sachs would initially be limited to these two products, saying “We’re going live with that crypto trading desk which would be quite narrow initially but we will focus on CME futures and non-deliverable forwards. And we’re also now disseminating Bitcoin content to our institutional clients through our Marquee platform.”

Goldman Sach’s new services centered on clients cryptocurrency interest

According to McDermott, Goldman Sach’s switch to the new service comes in response to the cryptocurrency interest from its customers. Referring to internal research of nearly 300 customers, the exec said that 40 percent of Goldman Sachs investors are currently exposed to cryptocurrency. “It seemed a little high to me, but I thought that it was a kind of reflection of the demand we’ve seen over the last three to six months,” he said.

The executive also announced that 61 percent of the clients surveyed by Goldman Sachs expect digital asset portfolios to rise over the next year. In particular, 76 percent of those who showed cryptocurrency interest see Bitcoin ending 2021, trading between $40,000 and $100,000. He further added that just 22 percent expect Bitcoin to reach the $100,000 threshold by the end of 2021.

This post was last modified on March 12, 2021 8:20 am

UC Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He joins the team to contribute his insights with precision.

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