Goldman Sachs Calls Bitcoin ETF Approval a 'Psychological Turning Point'

One of the most prominent investment banks in the world, Goldman Sachs, has called recent Spot Bitcoin ETF approvals a “big psychological turning point.” Moreover, the bank noted that the approval of the BTC investment offering in January of this year has already proved to be an “astonishing success.”

The US Securities and Exchange Commission’s (SEC) approval was a surprise to many and represented a monumental shift in the overall perception of the digital asset. Just three months after issuance, BTC reached an all-time high of $73,000, with many predicting even more gains for the market as a whole.

Also Read: Goldman Sachs Added on BlackRock Spot Bitcoin ETF

Goldman Sachs Notes Importance of Bitcoin and Ethereum ETFs

At the start of 2024, the digital asset industry saw a massive shift take place. Indeed, the arrival of Spot Bitcoin ETFs was a true game changer. Not just in its effect on digital asset values, but throughout the institutional investment interest that it garnered.

Now, that opinion is being shared by one of the world’s largest banks. Indeed, Goldman Sachs has recently stated that the Spot Bitcoin ETF approvals that took place in January were a “psychological turning point.”

Matthew McDermott, Goldman Sachs global head of crypto, said, “The Bitcoin ETF obviously has been an astonishing success,” speaking at the Consensus Crypto Conference in Texas. McDermott is absolutely correct, with the asset rallying more than 60% since the approval took place.

bitcoin btc us dollar cryptocurrency usd
Source: Shutterstock / In Green, modified by Blockworks

Also Read: BlackRock Now Owns the Largest Spot Bitcoin ETF in the US

“This is a natural progression that Ethereum will hopefully be approved to be a fully tradable ETF,” McDermott added. However, he noted that Bitcoin and Ethereum are still the two most requested cryptocurrencies among institutional investors.

Both Bitcoin and Ethereum have opened new doors with the approvals. Moreover, they brought forth a turning point in relation to the digital asset market’s exposure within the US. Subsequently, ETH is expected to surge when its Spot ETF goes live. Over the past month, the asset has increased more than 24%, according to CoinMarketCap.

  • Goldman Sachs

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