Cryptocurrencies
Goldman Crypto Chief Flags Institutional Demand Driving Boom
- Bank’s survey shows 40% of its clients have crypto exposure
- Goldman’s crypto trading desk to have narrow focus initially
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Goldman Sachs Group Inc. is seeing substantial demand for digital assets from institutions as it works to restart its cryptocurrency trading desk.
In a survey of nearly 300 clients by the firm, 40% currently have exposure to crypto, according to Matt McDermott, global head of digital assets for Goldman Sachs Global Markets Division, speaking on a podcast. The situation is different now compared with the 2017 Bitcoin bubble due to “huge” institutional demand across different industry types and from private banking clients, he said.