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Goldman Sachs: Bitcoin and crypto rally driven by private investors
Learn why retail traders are dominating the Bitcoin and crypto bull market so far while institutions are just getting in. Goldman Sachs believes in the potential of asset tokenization and is pursuing investment opportunities in the digital asset space. The article also discusses the current price of Bitcoin and offers subscriptions for email alerts. Stay up to date with the latest developments on Twitter, Facebook and Telegram. Please note, however, that the article does not constitute investment advice and your own research is recommended.
Goldman Sachs: Bitcoin and crypto rally driven by private investors
Summary
Retail traders have been the driving force behind the current Bitcoin and crypto bull markets so far, according to a senior Goldman Sachs executive. Institutions are only now getting in on the action, according to Matthew McDermott, head of the investment bank's global digital assets practice. Goldman Sachs first introduced a crypto trading team in 2021, which McDermott said will continue to improve. He is optimistic that more assets can be tokenized over time, but may not see that coming for another year or two. Currently, the price of Bitcoin is at $67,906 and has gained more than 8% in the last 24 hours. Last Thursday, BTC price hit a new all-time high of $73,738.
Impact and context
Matthew McDermott's statement that retail traders have been the driving force behind the bull market for Bitcoin and cryptocurrencies so far sheds an interesting light on the dynamics of the market. While institutions like Goldman Sachs are increasingly showing interest, it appears to be retailers that are driving the market. This could indicate that cryptocurrencies are becoming increasingly attractive to retailers and may be gaining wider acceptance.
The fact that Goldman Sachs only launched a crypto trading team in 2021 suggests that the investment bank may only now be starting to recognize the potential profit opportunities in the digital asset class. This could be important for the crypto market moving forward, as the involvement of institutions like Goldman Sachs could increase confidence in the industry and further increase institutional interest.
Matthew McDermott's bullish outlook on asset tokenization suggests that blockchain technology and digital assets could play an even bigger role in the future. Asset tokenization makes it possible to convert traditional assets such as real estate or stocks into digital tokens, which could facilitate liquidity and access to these assets.
Bitcoin price history and all-time high
The article mentions that the price of Bitcoin is at $67,906 at the time of publication and has increased by more than 8% in the last 24 hours. It is also noted that Bitcoin hit a new all-time high of $73,738 last Thursday. This information gives an idea of the current volatility and potential for profits in the cryptocurrency market.
Bitcoin price history table
| Date | Price in USD |
|---|---|
| All time high | 73,738 |
| Current price | 67,906 |