Institutionals See Growing Demand for Bitcoin

Institutionals See Growing Demand for Bitcoin


“Consumer demand is growing,” John Waldron, president and chief operating officer of Goldman Sachs bank, said at the Wolfe Virtual FinTech Forum, citing growing interest in Bitcoin from client investors.

Institutionals are buying up Bitcoin

As reported by Reuters, banks are trying to meet the demand for Bitcoin for as long as the rules governing the purchase, sale and storage of cryptocurrency allow.

Goldman Sachs says it is in talks with regulators and the Federal Reserve about how to preserve the digital assets in order to adjust to this new demand amid the continued rise in Bitcoin prices.

A survey of digital asset clients by Goldman Sachs shows that 40% of the wealthy clients surveyed by the bank currently have access to cryptocurrency.

In addition, 54% of respondents predict that the price of Bitcoin will be between $ 40,000 and $ 100,000.

The arrival of institutional investors buying up MTC en masse has an impact on the financial world, which is now very interested in Bitcoin and cryptocurrencies.

However, in May 2020, Goldman Sachs was still saying that Bitcoin was not a viable investment for its clients.

Just like JPMorgan, which has changed its mind, major US banks are rushing to get into the mainstream of cryptocurrencies.

The fact that Tesla is buying Bitcoin for $ 1.5 billion has certainly changed the rules of the game for financial investors, who have no choice but to follow the market trend and invest in Bitcoin before its price reaches new heights.

JPMorgan has estimated the demand for future Bitcoin purchases by large corporations and institutional investors at $ 600 billion.

Grayscale Has More than $ 43 Billion Worth of crypto Assets

The numbers, which indicate that institutional investors continue to buy BTC as well as other cryptocurrencies, are increasingly attracting attention.

In a tweet, Grayscale announced that it has more than $ 43 billion worth of crypto assets, including more than 650,000 BTC.

Bitcoin BTC remains a major investment asset, as Grayscale’s numbers show, which continues to attract new institutional investors.

Goldman Sachs is looking for solutions to meet this high demand for BTC, and is in talks with regulators about it.

At the moment, Grayscale, for its part, continues to develop, and is the holder of more than three million ETH tokens. In the past thirty days, it has bought 130,000 Ether coins and more than 140,000 LTC coins, and also owns Bitcoin Cash, Ethereum Classic, ZEC, ZEN, and XLM, but got rid of XRP, due to the pending SEC lawsuit against Ripple.

The company is showing interest in crypto-ETFs by posting a job ad for a position directly related to the Bitcoin-ETF project.

In the midst of a bull market for cryptocurrencies, Grayscale plans to create new investment products that may include Aave, Chainlink, Polkadot, Cardano, Cosmos, Compound, Uniswap, Monero, Tezos, Yearn Finance, and EOS. If these investment products were to appear, the prices of these altcoins would certainly rise due to demand.

More and more companies are choosing to invest in Bitcoin and cryptocurrencies, and this trend is expected to intensify in the coming months.

Even Twitter recently announced that it wants to raise more than $ 1 billion, which should definitely be used to buy BTC.