The chief operating officer of investment firm Goldman Sachs Group, John Waldron, has predicted that the demand for cryptocurrency would surge. Speaking in an interview with Reuters, Waldron noted that the pandemic fueled the adoption of digital assets.
People were forced to shop online during the lockdown, resulting in significant growth in online commerce. Although most countries have eased restrictions, shoppers still choose online shopping over visiting physical stores. Waldron talked about the global health crisis and how it will eventually lead to an “explosion” in crypto use. He said:
“The pandemic has been a significant accelerant. There is no question in our mind there will be more digital commerce… and (use of) digital money.”
The Reuters report revealed that Goldman is exploring a Bitcoin exchange-traded fund. Also, the investment firm has requested for information to explore digital asset custody. Commenting on the company’s effort to venture into digital asset custody, Waldron said Goldman is currently discussing with central banks and regulators regarding the matter. The COO stated:
“We are regulated on what we can do. We continue to evaluate it… and engage on it.”
Cryptocurrencies, especially Bitcoin, have seen growth over the past year. During the same period, the crypto market has recorded a rise in both individual and institutional investors.
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