Goldman Sachs says customers’ demand for bitcoin is rising

Yesterday, the U.S. Congress approved another $1.9 trillion in the COVID-19 stimulus relief package. As the U.S. government continues to print money, investors are looking for safe haven to protect their wealth from rapid depreciation.

Many investors are moving their assets to gold, silver, and other precious metals. However, with the rise of bitcoin and NFTs (Non-fungible tokens), tech-savvy investors are also investing their hard-earned wealth in cryptocurrencies, promising technology startups, crypto-collectibles, and digital arts.

Yesterday, Wall Street giant Goldman Sachs said the firm has been seeing more demand for bitcoin among its clients, according to a report by Reuters, citing the company’s president and chief operating officer John Waldron.

Waldron said that, while Goldman was “regulated” on what it could do, the bank continues to “evaluate” bitcoin and “engage” with clients. “Demand is rising,” said Waldron, who is also Goldman’s bank president.

Bitcoin is currently trading at around $57,000 at the time of writing. The world’s most popular cryptocurrency has surged more than $300 since the beginning of this year.

Meanwhile, Goldman is also currently exploring a bitcoin exchange-traded fund and has issued a request for information to explore digital asset custody. Goldman believes this trend will continue and that it will cause a corresponding “explosion” in the use of digital currency, Waldron said.

“The pandemic has been a significant accelerant,” Waldron said. “There is no question in our mind there will be more digital commerce … and (use of) digital money.”