- Goldman Sachs’ COO has said that he expects and “explosion” in use of digital assets
- John Waldron told Reuters that client demand “is rising” for their cryptocurrency offerings
- Goldman Sachs recently said it would finally launch its crypto trading desk
The Chief Operating Officer of Goldman Sachs, John Waldron, has told Reuters that “client demand is rising” for cryptocurrencies and that he expects an “explosion” in the use of digital currencies in the wake of the pandemic. Goldman Sachs revealed last week that their much-touted crypto trading desk is finally opening after a delay of more than three years, while the bank is also reportedly exploring a Bitcoin ETF and a digital asset custody offering.
Goldman Sachs Looking into Various Crypto Options
Waldron told Reuters that Goldman Sachs is actively exploring how it can make the most of the crypto boom but stay within existing regulations, which are famously vague on the nascent asset class. He added that the bank can custody digital assets “but can’t principle” them, revealing that Goldman Sachs is in discussions with regulators and insurance companies about the ins and outs of holding clients’ digital assets.
Waldron agreed with other influential figures when he added that digital assets will continue to gain traction across institutional as well as retail markets, and that a corresponding “explosion” in the use of digital currency will take place:
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.
Coronavirus Has Changed the Currency Landscape Forever
Leaders in the worlds of finance and politics have already agreed that the pandemic has changed, among other things, how we use money. This has led to research into Central Bank Digital Currencies gathering pace as countries look to shift from a cash-based system to a digital one, which Waldron and Goldman Sachs clearly feel is only a matter of time.