I expect strong growth in crypto: Goldman Sachs executive

Matthew McDermott, director of digital assets at Goldman Sachs, one of the world's largest investment banks, said that he thinks 2024 will be a year of strong growth for the blockchain and crypto space.

"I expect strong buy-side growth"

Speaking to FOX Business, one of the US media, the manager stated that growth will accelerate, especially with the adaptation of corporate companies and the establishment of regulations, and said:

"The benefits of blockchain technologies to companies are slowly being recognized. The liquidity to be achieved with the steps to be taken by banks in this area will push prices even higher. There are still big problems with the system, which was created decades ago. People have begun to see the advantages of this technology not in the future, but now. I expect very strong growth in terms of purchases in 2024."

"Traditional assets will be tokenized first"

Stating that tokenization will also be of great importance in the coming period, McDermott said, "First, traditional assets will be tokenized. Then it's time; It will be in different, untranscended, 'exotic' beings. Such assets will be the ones that will benefit the most from the price rise."

"Bitcoin ETFs will grow gradually"

Stating that he expects Bitcoin spot ETFs to be approved sooner or later in 2024, the Golm Sachs executive said:

"Bitcoin spot ETFs may not see immediate and immediate growth following approval. I think this growth will come gradually over the years. Insurance and pension funds will also start to increase over time."

Published: January 2, 2024 12:28 pmLast Updated: January 2, 2024 12:30 pm