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Goldman Sachs is heralding the success of newly approved spot Bitcoin ETFs, with Mathew McDermott, the bank’s global head of digital assets, labeling them an “astonishing success” at the Consensus 2024 conference. This marks a significant shift from the bank’s previous skepticism. McDermott pointed to the SEC’s nod earlier this year as a “big psychological turning point,” spotlighting the overwhelming response as these ETFs rapidly amassed over $20 billion in assets, setting new records.
The transition in Goldman’s stance is evident as they now participate as an authorized entity in BlackRock’s IBIT bitcoin ETF. McDermott underscored the unprecedented inflow from U.S. spot Bitcoin ETFs as a sign of burgeoning acceptance from Wall Street. This enthusiasm reflects a broader trend, with financial behemoths like BlackRock and Fidelity managing multibillion-dollar assets through these ETFs.
The massive interest from both retail and institutional investors indicates a growing integration of Bitcoin into traditional finance. As Goldman Sachs expands its crypto offerings, including derivatives and research, the firm’s engagement suggests that wider financial adoption of Bitcoin is not just likely but inevitable.
