Retail traders have so far dominated the current bull market for Bitcoin (BTC) and cryptocurrencies, according to a Goldman Sachs executive.
Matthew McDermott, the investment banking giant's global head of digital assets, said financial institutions are just beginning to embrace the initiative, Reuters reported.
Goldman Sachs launched its first crypto trading team in 2021, and McDermott said the team continues to improve.
“Last year was a tough year, but this year we have seen a big change, not only in terms of client types, but also in transaction volumes.”
A Goldman executive noted that the investment giant is eyeing “bankruptcy filings and other investment opportunities” in the digital asset space.
McDermott is also optimistic about the real world assets (RWA) tokenization sector.
“Over time, I think more asset classes will get tokenized and we’ll really start to see some scale, but that will probably be in a year or two.”
At the time of writing, Bitcoin is trading at $67,906. The top crypto asset by market capitalization has risen more than 8% in the past 24 hours after plummeting in price on Tuesday. According to CoinGecko, BTC hit a new all-time high of $73,738 last Thursday.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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