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Revolutionizing Institutional Investment: The Impending Evolution of Cryptocurrency
Breaking News: Goldman Sachs Expert Foresees Institutional Crypto Frenzy Triggered by Spot Crypto ETFs
Matthew McDermott, the influential figure spearheading digital assets at Goldman Sachs, envisions a seismic shift in the crypto landscape, prompted by the approval of spot Bitcoin and Ether exchange-traded funds (ETFs). According to McDermott, these ETFs will revolutionize institutional interest in cryptocurrencies by offering accessible market products devoid of direct crypto ownership, thus enhancing liquidity.
The impending approval of spot Bitcoin ETFs has piqued the interest of prominent entities like BlackRock and Fidelity, signaling a potential gateway for direct Bitcoin investment. McDermott, buoyed by this prospect, foresees a gradual yet transformative change in the industry's dynamics upon the SEC's approval.
Beyond ETFs, McDermott anticipates a flourishing crypto market propelled by the commercial applications of blockchain technology and increased involvement from traditional financial institutions. He emphasizes the burgeoning potential of tokenization, predicting substantial development and widespread adoption throughout 2023. Goldman Sachs' own GS DAP tokenization platform has already proven its mettle in the market, affirming this trend.
McDermott underscores Goldman Sachs' commitment to the digital asset domain, with their team steadily expanding and remaining receptive to further growth. This stance echoes the sustained momentum observed within the digital asset sphere, positioning Goldman Sachs at the forefront of this transformative financial evolution.
Credit To cryptocrunchnews
