Goldman Sachs’ Digital Asset Manager Shares Views on Spot Bitcoin ETFs

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• Matthew McDermott, the digital asset manager of Goldman Sachs, revealed that he expects a significant increase in trading volume if the anticipated spot Bitcoin ETF product is approved.
• The Goldman Sachs executive stated that the interest of Wall Street in crypto derivative products will soon increase, contingent on the approval of a spot BTC ETF.
• The presence of companies like BlackRock, Fidelity Investments, and Franklin Templeton has reinforced the confidence that the approval of a Bitcoin ETF is not a matter of if but when.

Matthew McDermott, the digital asset manager at Goldman Sachs Group Inc., made comments regarding spot Bitcoin ETFs in the United States!

ETF Perspective from Goldman Sachs Executive

Matthew McDermott, the digital asset manager at Goldman Sachs Group Inc., announced that he expects a significant increase in trading volume if the anticipated spot Bitcoin ETF product is approved. McDermott’s optimism about the market’s reaction to the potential approval of a Bitcoin ETF is not immediate but rather expects this momentum to grow over approximately two years starting from now.

The Goldman Sachs executive stated that the interest of Wall Street in crypto derivative products will soon increase, contingent on the approval of a spot BTC ETF. The digital currency ecosystem has become a highly interesting area for traditional financial service companies recently. With Bitcoin’s surprising growth of 150% by the end of the year, considering the relatively poor performance of other traditional assets, it is a topic most asset managers are discussing.

However, McDermott mentioned that his fundamental interest in the Web3.0 world extends not only to cryptocurrencies and the hype they bring but also to the tokenization of real-world assets like bonds using blockchain technology. According to him, the interest in digital assets has seen “a great appetite” recently, and this trend has “grown significantly” compared to this time last year.

Interest in Spot Bitcoin ETFs

There are many predictions regarding the yet-to-be-approved Bitcoin ETF product. With more market leaders being optimistic about the probabilities of ETF approval from mid-January to March, Wall Street expects at least a $100 billion influx, and VanEck has a conservative estimate of $2.4 billion for the first quarter of next year.

Overall, a Bitcoin spot ETF is seen as the right channel for institutional investors to enter the digital currency ecosystem and invest in Bitcoin without the risks associated with entering the market as a sole investor. The presence of companies like BlackRock, Fidelity Investments, and Franklin Templeton has reinforced the confidence that the approval of a Bitcoin ETF is not a matter of if but when.