Retail traders have so far been in the driver's seat in the current Bitcoin (BTC) and bullish cryptocurrency markets, according to a Goldman Sachs executive.
Matthew McDermott, global head of digital assets for the investment banking giant, says institutions are just starting to get in on the action, Reuters reports.
Goldman Sachs debuted a cryptocurrency trading team in 2021, which McDermott says they are continuing to improve.
“Last year was difficult but at the beginning of this year we saw a huge change not only in terms of customer types but also in terms of volumes.”
The Goldman Sachs CEO notes that the investment giant has been eyeing “bankruptcy claims and some other investment opportunities” in the digital asset space.
McDermott is also bullish on the real-world asset (RWA) tokenization sector.
“I think over time we will start to see more asset classes being tokenized and actually get some scale – but that will probably be a year or two away.”
Bitcoin is trading at $67,906 at the time of writing. The top-rated cryptocurrency asset by market capitalization rose more than 8% in the past 24 hours after its price fell on Tuesday. BTC hit a new all-time high of $73,738 last Thursday, according to CoinGecko.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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