The approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) is expected to have a significant impact on the institutional adoption of digital assets. Mathew McDermott, the global head of digital assets at Goldman Sachs, believes that these ETFs will unlock opportunities for pensions, insurers, and other institutional investors to enter the crypto market.
By creating institutional products that can be traded without directly holding the underlying assets, spot crypto ETFs will enhance liquidity and attract more institutional capital. With the US pension market valued at over $5.6 trillion, the approval of these products could lead to increased institutional participation in the digital asset space.
While the impact of spot crypto ETFs may be gradual, McDermott expects to see a broadening and deepening of liquidity in 2023, as well as increased interest from those looking to trade the product.
Looking ahead to 2024, McDermott predicts continued growth in the blockchain industry due to real-world adoption and supportive regulations. Goldman Sachs has already launched its tokenization platform, GS DAP, to facilitate the issuance, management, and trading of tokenized assets across different asset classes.
McDermott, known for his visionary approach to financial markets, believes that blockchain technology is crucial for revitalizing and empowering the financial system.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Mathew McDermott |
| Companies | GS DAP, Goldman Sachs, FOX Business |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
