New Zealand markets close in 6 hours 42 minutes
  • NZX 50

    0.00 (0.00%)

    -0.0051 (-0.81%)

    -11.00 (-0.15%)
  • OIL

    -0.06 (-0.09%)
  • GOLD

    -2.80 (-0.14%)

Goldman Sachs Says Client Demand for Bitcoin is ‘Rising’

Goldman Sachs has been seeing more demand for bitcoin among its clients, according to its president and chief operating officer.

In a report by Reuters on Wednesday, John Waldron said that, while Goldman was “regulated” on what it could do, the bank continues to “evaluate” bitcoin and “engage” with clients.

“Demand is rising,” said Waldron, who is also Goldman’s bank president.

Related: YouTube Star Jake Paul Reportedly “Discussed” Creating His Own Crypto: Good or Bad Idea?

The comments come as the bank relaunched its cryptocurrency trading desk with the intention of supporting futures trading for bitcoin, three years after shelving plans to do so.

The move also opens the possibility for Goldman to pursue a bitcoin exchange-traded fund as it strengthens its push into digital assets. Meanwhile, the multinational investment bank has issued a request for information to explore digital asset custody, as CoinDesk previously reported.

See also: Goldman Digital Asset Lead Sees Mergers Ahead for Crypto Infrastructure Providers

Waldron said that while the bank can custody digital assets, it “can’t principle” them and added Goldman was discussing with watchdogs how banks should be regulated in regards to digital currency, according to the report.

Related: Investment Giant BlackRock Has “Started to Dabble” in Bitcoin

The executive also said Goldman believes online commerce spurred by coronavirus pandemic-related buying will continue and cause an “explosion” in the use of digital currency.

“There is no question in our mind there will be more digital commerce … and [use of] digital money.”

Related Stories