June 16, 2024
Bitcoin

Goldman Sachs Issues ‘Astonishing’ Bitcoin And Ethereum ETF Prediction After Price ‘Turning Point’


Bitcoin
Bitcoin
and ethereum have ridden a Wall Street spot exchange-traded fund (ETF) price rally this year (that could be about to be blown out of the water by China).

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The bitcoin price has returned to its previous all-time high, helped on by a surprise “seismic shift” in Washington that’s sparked a crypto showdown between president Joe Biden and Republican 2024 candidate Donald Trump.

Now, as traders brace for a “crucial” Federal Reserve flip, Wall Street giant Goldman Sachs
Goldman Sachs
is leaning into bitcoin, ethereum and crypto after the “astonishing success” of the bitcoin ETFs.

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“The bitcoin ETF obviously has been an astonishing success,” Mathew McDermott, Goldman Sachs’ global head of digital assets, said on stage at the Coindesk Consensus crypto conference in Austin, Texas, adding the spot bitcoin ETF approval was a “big psychological turning point.”

The bitcoin price has rocketed higher this year, adding 60% since the approval of a fleet of spot bitcoin ETFs in January. Last week, the U.S. Securities and Exchange Commission (SEC) surprised traders when it moved to green light a handful of spot ethereum ETFs.

“This is a natural progression that ethereum will hopefully be approved to be a fully tradable ETF,” McDermott said, though downplayed the chances of the spot ethereum ETF opening “the door for everybody else” like solana, XRP
XRP
and other major cryptocurrencies.

“From my vantage point, our clients typically just focus on bitcoin and ethereum— they’re the two products that have tradable futures on the CME. So that’s why you can see a positive read [on ethereum ETFs]. In terms of others, I think we could be positive, but I think it’s too early to say.”

Bitcoin and ethereum ETFs are the first step in what the world’s largest asset manager BlackRock
BlackRock
has said is its plan for the digitization of financial markets.

“That’s hugely powerful,” McDermott said. “As you get clarity on the regulations, you get more people coming in on the sell side and start showing the viability of the market on-chain. You can then start to build out and tap into these other asset classes where the value proposition probably is great,” he added, pointing to real estate and green debt issuance.

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ForbesJanet Yellen Issues Serious $34 Trillion Warning As Bitcoin Predicted To Surge To $1 Million Price

BlackRock has stolen Grayscale’s crown as issuer of the world’s largest bitcoin fund after its new IBIT spot bitcoin exchange-traded fund (ETF) topped $20 billion, it was reported by Bloomberg, dethroning the $19.6 billion Grayscale bitcoin trust (GBTC).

There’s a lot of race left to run, however, with Bernstein analysts estimating in a report seen by Coindesk that the bitcoin and new ethereum spot ETFs could grow to a $450 billion market.



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