Bitcoin Demand From Goldman Sachs’ Customers Is Rising, COO Says

Goldman Sachs’ Chief Operating Officer John Waldron has revealed the bank is exploring how it can meet rising customer demand to own and invest in bitcoin while complying with current regulations.

According to Reuters, Waldron pointed out that client demand for the flagship cryptocurrency is rising. He was quoted saying:

Client demand is rising. We are regulated on what we can do. We continue to evaluate it … and engage on it.

The bank, as reported, has restarted its cryptocurrency trading desk earlier this month and is reportedly now dealing bitcoin futures and non-deliverable forwards on behalf of its clients. The bank is “also exploring the potential for a bitcoin exchange-traded fund and has issued a request for information to explore digital asset custody.”

Goldman, according to Waldron, can custody cryptoassets but it “can’t principle” them, and is currently in talks with central banks and regulators on how banks should be regulated when dealing with cryptocurrencies.

Earlier this year, it was reported that the bank was planning to enter the crypto market by offering crypto custody services. It issued a request for information (RFI) to explore the viability of digital asset custody.

The Wall Street giant has been seeing demand for bitcoin rising as the price of the flagship cryptocurrency has remained above the $50,000 mark. CryptoCompare data shows bitcoin is currently trading above $56,000. Its price rose rapidly over the last few months over corporate demand.

Companies including MicroStrategy, Tesla, Square, MassMutual, Seetee, and Meitu have all invested in the cryptocurrency space, with both MicroStrategy and Tesla investing over $1 billion in BTC. Meitu is the only firm known to have also bought ETH.

Featured image via Pixabay.

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