Thursday, February 25, 2021
pool-ads
Home Latest News Bitcoin "Bitcoin is beginning to become more mature" Goldman Sachs said

“Bitcoin is beginning to become more mature” Goldman Sachs said

In order to stabilize the market, analyst Jeff Currie believes more institutional money is required.

Bitcoin is slowly beginning to mature as an asset class after more than a decade of intense market instability, according to Jeffrey R. Currie, the global head of commodity research for Goldman Sachs.

In an interview with CNBC, Currie said the incredible run of Bitcoin has drawn greater institutional attention, but added that a small fraction of the overall market is still smart-money investors. To become a stable asset and prevent a flash crash as we saw earlier this week, they will need to come in droves for Bitcoin, he said.

“I think the market is beginning to become more mature,” Currie said of Bitcoin, adding that “volatility and those risks that are associated with it” are common for nascent assets. He continued: “The key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they’re small […] roughly 1% of it is institutional money.”

Over the last year, some of Wall Street’s biggest names have put their weight behind Bitcoin. Legendary investors in digital assets have already invested in Paul Tudor Jones and Stanley Druckenmiller, and businesses such as MassMutual and Ruffer Investment Company have established major roles in BTC.

On Bitcoin and cryptocurrencies, Goldman Sachs has changed its tune more generally. Not only did the organization improve its human resources to include specialists in digital currencies, it also provided guidelines on the peaceful coexistence of Bitcoin and gold as macro hedges.

Goldman has also recently been tapped for its upcoming IPO by Coinbase, one of the world’s biggest crypto exchanges.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

MicroStrategy buys another $1 billion worth of Bitcoin

0
Business intelligence firm MicroStrategy increased its bitcoin (BTC) acquisition by 27% on Wednesday after buying 19,452 more coins, bringing its total to 90,531 BTC. Announced...