{"id":226006,"date":"2024-05-30T13:51:24","date_gmt":"2024-05-30T13:51:24","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/05\/30\/goldman-sachs-bitcoin-etfs-are-an-astonishing-success\/"},"modified":"2025-06-25T17:18:25","modified_gmt":"2025-06-25T17:18:25","slug":"goldman-sachs-bitcoin-etfs-are-an-astonishing-success","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/05\/30\/goldman-sachs-bitcoin-etfs-are-an-astonishing-success\/","title":{"rendered":"Goldman Sachs: Bitcoin ETFs Are an 'Astonishing Success'"},"content":{"rendered":"

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Goldman Sachs is striking an increasingly positive tone on Bitcoin calling the new spot Bitcoin ETFs<\/a> an “astonishing success” after years of scepticism.<\/p>\n

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JUST IN: \ud83c\uddfa\ud83c\uddf8 Goldman Sachs says the #Bitcoin<\/a> ETF approval was a "big psychological turning point."<\/p>\n

It has been an \u201castonishing success.\u201d \ud83d\ude80 pic.twitter.com\/fcuhXMyAah<\/a><\/p>\n

— Bitcoin Magazine (@BitcoinMagazine) May 30, 2024<\/a><\/p><\/blockquote>\n

At the Consensus 2024 conference hosted by CoinDesk, Goldman’s global head of digital assets, Mathew McDermott, said<\/a> the SEC’s approval of spot Bitcoin ETFs <\/a>earlier this year marked a “big psychological turning point” for the industry.<\/p>\n

“The Bitcoin ETF obviously has been an astonishing success,” McDermott said, signalling a change in Goldman’s stance after dismissing the idea of Bitcoin ETFs earlier.\u00a0<\/p>\n

The bank has since joined the action, acting as an authorized participant for BlackRock’s IBIT bitcoin ETF, which launched in January. That ETF recently<\/a> became the world’s largest, surpassing $20 billion in assets faster than any other ETF in history.<\/p>\n

McDermott’s bullish comments come after the massive inflows into US spot bitcoin ETFs, suggesting growing Wall Street acceptance.\u00a0<\/p>\n

The warm embrace of Bitcoin ETFs follows years of scepticism from legacy finance giants like Goldman. But the staggering demand has converted many former naysayers.<\/p>\n

McDermott cited surging interest from both retail and institutional investors in these regulated investment vehicles. Giants like BlackRock and Fidelity now operate spot Bitcoin ETFs managing billions in assets.<\/p>\n

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Image Subtext: Click the image to learn more.<\/em><\/figcaption><\/figure>\n

Clearly, these products have opened the floodgates for Wall Street money to access Bitcoin. And Goldman itself is expanding offerings through derivatives, research and more.<\/p>\n

The comments signal legacy finance is increasingly onboarding to Bitcoin. With tradition finance institutions like Goldman and BlackRock now praising Bitcoin ETFs, wider adoption seems inevitable.<\/p>\n