The spot Bitcoin ETF process, which has been expected to be approved for a long time, is nearing its end.
At this point, while investors and the entire cryptocurrency industry were focused on January 10, 2024, a spot ETF comment came from the Goldman Sachs manager.
Speaking to Fox Business recently, Mathew McDermott, head of digital assets at Goldman Sachs, said approval of spot Bitcoin ETFs would be positive for the industry.
Arguing that a possible approval would bring more institutional investors to the BTC and cryptocurrency industry, McDermott stated that this would not happen immediately.
“Cryptocurrencies provide advantages in many ways. The first of these is that they expand and deepen liquidity in the market.
So how does he do this? It achieves this by being assets that can be bought and sold by institutions that do not need to touch real assets.
This makes it easier for institutional investors to turn to cryptocurrencies.
However, I do not foresee an immediate transformation on the part of institutional investors with the approval of the spot Bitcoin ETF. “If approved, I think the corporate landscape will gradually change over the next year.”
The Goldman Sachs executive also stated that he expects tokenization markets to develop and grow in the coming year, reminding that Goldman Sachs launched the tokenization platform called GS DAP earlier this year.
*This is not investment advice.