{"id":567436,"date":"2023-12-30T08:50:16","date_gmt":"2023-12-30T08:50:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=567436"},"modified":"2024-06-11T09:26:41","modified_gmt":"2024-06-11T09:26:41","slug":"goldman-sachs-exec-predict-massive-growth-for-digital-assets-in-2024","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/goldman-sachs-exec-predict-massive-growth-for-digital-assets-in-2024\/","title":{"rendered":"Goldman Sachs Exec Predict Massive Growth For Digital Assets In 2024"},"content":{"rendered":"

Head of Digital Assets at Goldman Sachs, Matthew McDermott, has projected a massive growth in the cryptocurrency market in 2024. McDermott shared these positive predictions in a recent interview with Fox Business<\/a>, expressing much optimism in the future of digital assets.\u00a0<\/span><\/p>\n

Related Reading: Eyes On $50,000: Bitcoin Poised For Major Rally Amid Spot ETF Optimism \u2013 Analyst<\/a><\/div>\n

Goldman Exec Expects Spot ETFs To ‘Gradually’ Boost Institutional Demand For Crypto Assets<\/h2>\n

Speaking to Fox Business, McDermott has backed the continuous growth of cryptocurrencies as he foresees a rise in the institutional adoption of these assets.\u00a0<\/span><\/p>\n

Notably, the Goldman executive shares popular sentiment with many crypto enthusiasts that the approval of a Bitcoin or Ethereum spot ETF<\/a> will open up the digital asset ecosystem to more institutional investors who are weary of the market volatility attached to direct crypto investments.\u00a0<\/span><\/p>\n

McDermott said:<\/span><\/p>\n

One, it broadens and deepens the liquidity in the market. And why does it do that? It does that because you\u2019re actually creating institutional products that can be traded by institutions that don\u2019t need to touch the bare assets. And I think that, to me, that opens up the universe of the pensions, insurers, etc.\u00a0<\/span><\/p><\/blockquote>\n

However, McDermott has cautioned crypto enthusiasts against expecting a sudden impact of crypto spot ETFs. He believes the anticipated increased demand and price rise will be a gradual process that will occur over the course of 2024.\u00a0<\/span><\/p>\n

The US Securities and Exchange Commission (SEC) is expected to grant approval orders to several Bitcoin spot ETF<\/a> applications in the coming weeks following discussions between the regulator and multiple asset managers. <\/span>Bloomberg analyst Eric Balchunas has set a potential decision window of January 8 – January 10, stating there is a 90% chance the SEC finally delivers a verdict on these various applications putting an end to the 6-months chronicle.<\/span><\/p>\n

Related Reading: Matrixport Predicts Bitcoin 2024 Surge, Regardless Of Spot ETF Approval \u2013 Here\u2019s Why<\/a><\/div>\n

Asset Tokenization In 2024<\/h2>\n

In addition to potential crypto spot ETFs, McDermott also mentioned a potential increase in commercial blockchain application as another contributing factor to his projected rise in institutional demand for digital assets.<\/span><\/p>\n

Particularly, he spoke about an improvement in existing tokenization systems, which can lead to the creation of secondary liquidity on blockchains.<\/span><\/p>\n

He said:<\/span><\/p>\n

When I think about tokenization, which is obviously a topic that\u2019s kind of talked about quite extensively, I think for me next year what we\u2019ll start to see is the development of marketplaces. So where we start to see scale adoption, particularly across the buy side in the context of investors. And that\u2019s because we\u2019ll start to see the emergence of secondary liquidity on chain, and that\u2019s a key enabler. So for me, that\u2019s one of the key developments for next year.”<\/span><\/p><\/blockquote>\n

At the time of writing, the entire crypto ecosystem is valued at $1.602 trillion, with a 15.09% gain in the last month. The market’s leader Bitcoin currently trades at $42,082, having declined by 1% in the past day.<\/p>\n

\"Goldman<\/p>\n

Total crypto market valued at $1.602 trillion on the daily chart | Source: TOTAL chart on Tradingview.com<\/a><\/pre>\n
Featured image from Money, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Head of Digital Assets at Goldman Sachs, Matthew McDermott, has projected a massive growth in the cryptocurrency market in 2024. McDermott shared these positive predictions in a recent interview with Fox Business, expressing much optimism in the future of digital assets.\u00a0 Related Reading: Eyes On $50,000: Bitcoin Poised For Major Rally Amid Spot ETF Optimism \u2013 Analyst Goldman Exec Expects Spot ETFs To ‘Gradually’ Boost Institutional Demand For Crypto Assets Speaking to Fox Business, McDermott has backed the continuous growth of cryptocurrencies as he foresees a rise in the institutional adoption of these assets.\u00a0 Notably, the Goldman executive shares popular sentiment with many crypto enthusiasts that the approval of a Bitcoin or Ethereum spot ETF will open up the digital asset ecosystem to more institutional investors who are weary of the market volatility attached to direct crypto investments.\u00a0 McDermott said: One, it broadens and deepens the liquidity in the market. And why does it do that? It does that because you\u2019re actually creating institutional products that can be traded by institutions that don\u2019t need to touch the bare assets. And I think that, to me, that opens up the universe of the pensions, insurers, etc.\u00a0 However, McDermott has cautioned crypto enthusiasts against expecting a sudden impact of crypto spot ETFs. He believes the anticipated increased demand and price rise will be a gradual process that will occur over the course of 2024.\u00a0 The US Securities and Exchange Commission (SEC) is expected to grant approval orders to several Bitcoin spot ETF applications in the coming weeks following discussions between the regulator and multiple asset managers. Bloomberg analyst Eric Balchunas has set a potential decision window of January 8 – January 10, stating there is a 90% chance the SEC finally delivers a verdict on these various applications putting an end to the 6-months chronicle. Related Reading: Matrixport Predicts Bitcoin 2024 Surge, Regardless Of Spot ETF Approval \u2013 Here\u2019s Why Asset Tokenization In 2024 In addition to potential crypto spot ETFs, McDermott also mentioned a potential increase in commercial blockchain application as another contributing factor to his projected rise in institutional demand for digital assets. Particularly, he spoke about an improvement in existing tokenization systems, which can lead to the creation of secondary liquidity on blockchains. He said: When I think about tokenization, which is obviously a topic that\u2019s kind of talked about quite extensively, I think for me next year what we\u2019ll start to see is the development of marketplaces. So where we start to see scale adoption, particularly across the buy side in the context of investors. And that\u2019s because we\u2019ll start to see the emergence of secondary liquidity on chain, and that\u2019s a key enabler. So for me, that\u2019s one of the key developments for next year.” At the time of writing, the entire crypto ecosystem is valued at $1.602 trillion, with a 15.09% gain in the last month. The market’s leader Bitcoin currently trades at $42,082, having declined by 1% in the past day. Total crypto market valued at $1.602 trillion on the daily chart | Source: TOTAL chart on Tradingview.com Featured image from Money, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":567444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89365,86326,11163,89930,2212],"class_list":["post-567436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-89365","tag-bitcoin-spot-etf","tag-crypto-assets","tag-ethereum-spot-etf","tag-goldman-sachs"],"acf":[],"yoast_head":"\nGoldman Sachs Exec Predict Growth For Digital Assets In 2024<\/title>\n<meta name=\"description\" content=\"Head of Digital Assets at Goldman Sachs, Matthew McDermott has projected a massive growth in the cryptocurrency market in 2024.\" \/>\n<meta name=\"robots\" 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/uniquehot.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Goldman Sachs Exec Predict Massive Growth For Digital Assets In 2024","url":"http:\/\/uniquehot.com\/news\/goldman-sachs-exec-predict-massive-growth-for-digital-assets-in-2024\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/goldman-sachs-exec-predict-massive-growth-for-digital-assets-in-2024\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Investing-5-Cryptocurrency-Predictions-2022.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Investing-5-Cryptocurrency-Predictions-2022.jpg?fit=2880%2C1920"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["2024","bitcoin spot etf","crypto assets","ethereum spot etf","goldman sachs"],"dateCreated":"2023-12-30T08:50:16Z","datePublished":"2023-12-30T08:50:16Z","dateModified":"2024-06-11T09:26:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Goldman Sachs Exec Predict Massive Growth For Digital Assets In 2024\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/goldman-sachs-exec-predict-massive-growth-for-digital-assets-in-2024\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/goldman-sachs-exec-predict-massive-growth-for-digital-assets-in-2024\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Investing-5-Cryptocurrency-Predictions-2022.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Investing-5-Cryptocurrency-Predictions-2022.jpg?fit=2880%2C1920\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"2024\",\"bitcoin spot etf\",\"crypto assets\",\"ethereum spot etf\",\"goldman sachs\"],\"dateCreated\":\"2023-12-30T08:50:16Z\",\"datePublished\":\"2023-12-30T08:50:16Z\",\"dateModified\":\"2024-06-11T09:26:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Investing-5-Cryptocurrency-Predictions-2022.jpg?fit=2880%2C1920","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/567436"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=567436"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/567436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/567444"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=567436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=567436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=567436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}