Goldman Sachs Digital Assets Chief Hails Bitcoin ETFs as an 'Astonishing Success'

Goldman Sachs has shifted its stance on Bitcoin, now praising the new spot Bitcoin ETFs as an "astonishing success" after years of skepticism.

At the Consensus 2024 conference hosted by CoinDesk, Mathew McDermott, Goldman's global head of digital assets, highlighted the SEC's approval of spot Bitcoin ETFs earlier this year as a significant psychological milestone for the industry.

"The Bitcoin ETF obviously has been an astonishing success," McDermott remarked, indicating a notable shift in Goldman's perspective, which previously dismissed the concept of Bitcoin ETFs.

Goldman has since become an authorized participant for BlackRock's IBIT Bitcoin ETF, which launched in January. This ETF recently became the world's largest, surpassing $20 billion in assets more rapidly than any other ETF in history.

McDermott's optimistic remarks follow substantial inflows into U.S. spot Bitcoin ETFs, suggesting a growing acceptance on Wall Street.

The enthusiastic reception of Bitcoin ETFs comes after years of skepticism from traditional financial institutions like Goldman. The overwhelming demand has converted many former doubters.

McDermott noted increasing interest from both retail and institutional investors in these regulated investment vehicles. Major players like BlackRock and Fidelity now manage spot Bitcoin ETFs with billions in assets.

These products have clearly opened the door for Wall Street money to flow into Bitcoin. Goldman itself is expanding its offerings through derivatives, research, and more.