Bitcoin

David

Hedge

<p><a href="https://www.thecoinrepublic.com/2024/07/29/former-goldman-sachs-executive-picks-sol-over-btc-what-else-is-in-his-portfolio/" rel="noopener noreferrer nofollow">Goldman Sachs</a>&nbsp;CEO David Solomon thinks Bitcoin can be a store of value. Solomon, nevertheless, stated that Bitcoin is still a form of investment based on speculation. Nonetheless, contrary to the company’s cautious nature, Goldman Sachs is going big on the crypto business in 2024.</p>
<h2 class="wp-block-heading" id="h-goldman-sachs-boosts-crypto-participation-amid-demand"><strong>Goldman Sachs Boosts Crypto Participation Amid Demand</strong></h2>
<p>Goldman Sachs is increasing its participation in the crypto space. The firm finished testing on the Canton Network, which was intended for institutional investments. This is due to the increased demand that hedge fund clients have displayed for crypto products.</p>
<p>Max Minton, the Asia Pacific head of digital assets, said several of the firm’s biggest clients are considering crypto. This comes after the post-<a href="https://www.thecoinrepublic.com/2024/07/14/spot-bitcoin-etfs-record-310m-inflows-best-since-early-june/" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a>&nbsp;launch, which the bank has noted as a chance to tap into client needs.</p>
<p>In March, Goldman’s global head of digital assets, Mathew McDermott, pointed out that the firm is engaged in the digital asset ecosystem. He said he had a look at bankruptcy claims and other investments. The bank’s strategy also involves the development of marketplaces for tokenized assets.</p>
<h2 class="wp-block-heading" id="h-bitcoin-seen-as-store-of-value-by-holders"><strong>Bitcoin Seen as Store of Value by Holders</strong></h2>
<p>David Solomon admits the technology’s possibilities that serve as the basis for cryptocurrencies. He trusts it can help in easing the financial system. Another topic that central banks are looking at is digital currencies and their influence on the world’s payment systems.</p>
<p>Solomon spoke about central banks’ interest in digital currencies in an earnings call on April 2021 and the volatility of&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/21/ethereum-etfs-vs-bitcoin-etfs-which-spot-funds-will-have-the-better-trading-start/" rel="noopener noreferrer nofollow">Bitcoin</a>. Holders are starting to look at it as a store of value.</p>
<p>Goldman Sachs recently announced that it will execute three tokenization projects before the end of this year. These projects will be based on the United States and European markets. Thus, the company is preparing for its new position as a leader in the digital assets market.</p>
<h2 class="wp-block-heading" id="h-goldman-sachs-enhances-digital-asset-presence"><strong>Goldman Sachs Enhances Digital Asset Presence</strong></h2>
<p>Goldman Sachs entered the market with a crypto desk in 2021. This initiative shows that the bank is seriously involved in the digital asset industry. Although Solomon took precautions to downplay the bank’s actions, the latter suggest a deliberate attempt to enter the crypto space.</p>
<p>The Wall Street investment bank has been experimenting with cryptocurrencies. These are the Canton Network tests, which are part of a larger plan to improve the framework for institutions’ investing in cryptocurrencies.</p>
<p>The firm is&nbsp;<a href="https://www.cnbc.com/video/2024/07/30/watch-cnbcs-full-interview-with-goldman-sachs-chairman-and-ceo-david-solomon.html" rel="noopener noreferrer nofollow">increasing</a>&nbsp;its presence in the digital asset industry. Goldman Sachs’ investments and strategic measures focus on its clients’ needs and market tendencies, making the bank an important actor in the crypto sphere.</p>
<h2 class="wp-block-heading" id="h-hedge-funds-drive-interest-in-crypto-products"><strong>Hedge Funds Drive Interest in Crypto Products</strong></h2>
<p>Goldman Sachs is returning to the crypto market as more clients ask for such products. Large investors such as hedge funds are interested in the crypto market, and the bank’s activities are to respond to this increasing interest.</p>
<p>Max Minton noted that the majority of the firm’s clients are actively seeking assets that the firm has not yet offered, which is why Goldman Sachs is now stepping up its crypto products. The bank’s strategy is consistent with the general market situation and the client’s demands.</p>
<p>The future tokenization projects remind me of Goldman’s proactive strategy. These projects will target market needs in the U.S. and Europe, and through this, the company is well-positioned to lead in the tokenization and digital asset markets.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/30/bitcoin-is-a-potential-store-of-value-says-goldman-sachs-ceo/" rel="noopener noreferrer nofollow">Bitcoin Is A Potential Store of Value, Says Goldman Sachs CEO</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Bitcoin Is A Potential Store of Value, Says Goldman Sachs CEO

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