The most significant and most valuable digital assets of the cryptocurrency market- Bitcoin, continues not to be short of admirers. As many retail and institutional investors continue to flock around the digital asset. However, it appears that while there has been an increase in institutional investors adopting the cryptocurrency, it appears that traditional firms like Banks and investment firms have continued to increase their interest in the cryptocurrency. Speaking to the press earlier today, Goldman Sachs CEO- David Solomon confirms that the financial institution is still very much open to custody and helping its client trade Bitcoin.
Solomon believes digital assets have changed the way the world looks at money
The financial institution, known by thousands of its clients globally for delivering various financially related services like investment banking, securities, investment management, and consumer banking, has been touting around Bitcoin for a while. However, Its CEO has now told the press that the investment bank is still very interested in offering its clients Bitcoin-related services.
According to Solomon, many of the Bank’s customers believe so much in Bitcoin as a store of value and a hedge against inflation. The Executive feels that if their clients’ demands to offer Bitcoin custody service continue to be high, they will have no choice but to oblige their customer’s request. He believes that there is a paradigm shift in the way money moves around the world, as the presence of digital assets has changed the way the world sees money.
Earlier this month, Solomon spoke on the few hindrances of the Bank, which he believes is the stumbling block to why they are not offering Bitcoin custody services. The CEO admitted that there are a few crypto regulations guiding banks, which are currently unfavorable to them, even if they start to offer Bitcoin trading services.
Goldman Sachs believes that the regulators are the biggest factors
Before now, Goldman Sachs has confirmed to the press that they were keeping tabs on the cryptocurrency, as there has been a demand for Bitcoin custodial services from their institutional clients. The Investment bank has earlier reopened its cryptocurrency trading desk, much to the delight of their crypto-affiliated customers.
Unfortunately, while there seems to be some form of optimism around their Bitcoin services, Solomon believes that the U.S crypto regulations are not helping. The CEO admitted that, despite customers’ demands being high and the Bank having a keen interest in offering Bitcoin services, there will still be a need to operate under the U.S Securities and Exchange Commission (SEC).
However, Solomon believes that the onus is now on them and other traditional finance firms in the country to persuade the regulatory bodies to reconsider their stance on the cryptocurrency trading. He further believes that should the regulators reconsider their stance and introduce favorable regulations, then they will be willing to dance to the tunes of their clients who have been yearning for a Bitcoin product.