The analyst of the U.S. banking giant Goldman Sachs said that institutional investors are just starting to enter the cryptocurrency market.
According to the news presented by Reuters on March 20, Goldman Sachs’ global head of digital assets, Matthew McDermott, was quoted.
Matthew McDermott stated that with the approval of spot Bitcoin ETFs, institutional investor entry is just beginning and could grow exponentially in the future. He said that trillions of dollars worth of institutions with the potential to invest in Bitcoin could rapidly drive prices higher.
Speaking at the Digital Asset Summit (DAS) in London, McDermott said that the recent rises are still primarily driven by retail investors and that institutions have a small share:
The price movement is still primarily driven by retail sales. However, we are starting to see institutions enter the market. We are really seeing a change in appetite.
McDermott also emphasized that he is optimistic about the real world assets (RWA) and tokenization sector:
I think over time we will start to see more asset classes tokenized and actually scaled, but maybe that’s one or two years away.
0 Comment