Posted 5 months ago | by @devadmin
61 percent of Goldman Sachs’s clients are bullish on cryptocurrencies, while 40% have exposure to the cryptocurrency market.
The investment banking giant published its internal client survey results finding that 61% of those polled expect their digital asset holdings to increase in the next 12-24 months. While 40% of respondents already have exposure to cryptocurrencies. Goldman Sachs surveyed 280 clients, asking them various questions related to cryptocurrency, Business Insider reported.
Prominently, 57% of Goldman Sachs’ surveyed clients believe the most important factor that drove bitcoin’s price action was “institutional investing or offering of additional products.” According to bitcointreasuries.org, a website that tracks corporate Bitcoin purchases by various companies. Thus far only 22 publicly listed companies currently hold more than $7 billion worth of Bitcoin. MicroStrategy’s Bitcoin holdings have reached a total of 91,064 BTC only second to Grayscale Bitcoin Trust who holds 649,130 BTC. The third-largest Bitcoin holder is Tesla which bought $1.5 billion in the digital asset in February who currently holds 48,000 BTC. Additionally, PayPal has begun rolling out crypto services to its millions of retail customers across the U.S. with plans to expand globally. All this happening in the last 6 months showcasing both the institutional and retail demand for Bitcoin.
News of the survey comes less than a week after Reuters reported that Goldman Sachs has restarted its cryptocurrency trading desk after a three-year hiatus during the bear market. Sachs is also said to be within just weeks of launching Bitcoin futures trading and is investigating the potential for launching a Bitcoin exchange-traded fund (ETF) as well as a digital asset custody firm.
The Investors further stated in the poll that they see a positive future for Bitcoin, with 22% of respondents predicting the price will be over $100,000 in 12 months. Although, more than half expect the cryptocurrency to stay in between the range of $40,000-$100,000 this bull cycle.
Besides the number one digital asset by market cap, 29% of those surveyed chose the number two digital asset Ethereum as a cryptocurrency of interest, and 13% picked stablecoins pegged to an external asset, such as the U.S. dollar.
Another key segment focused on was regulation, which showed strong investor sentiment towards the topic. A total of 34% polled cited regulation as one of the greatest hurdles for cryptocurrency investing, and 24% find a lack of well-regulated assets to be the greatest barrier for entry to the cryptocurrency market.
The survey was based on the responses of 280 respondents, ranging from asset managers and hedge funds, banks, pension/sovereign wealth funds, and individuals.
Bitcoin is currently trading at [FIAT: $53,497.82] UP +3.9% in the last 24 hours, according to Coingecko at the time of this report.