Bitcoin Gets A Much Needed Goldman Sachs’ Thumbs Up

Bitcoin Gets A Much Needed Goldman Sachs' Thumbs Up

Goldman Sachs becomes the latest among the biggest banks in Europe to stamp a seal of approval on Bitcoin (BTC). The bank on Monday, confirmed BTC as an asset worth investing in, thereby revealing its plans to begin accepting crypto assets in the nearest future.

Matthew McDermott, Goldmans Digital Assets Chief, made the disclosure a few hours ago, stating that the crypto market is still undergoing an entry-level phase of acceptance and should be excused for the perceived volatility that has become its characteristics as it tries to settle.

Dermott believes the advent of crypto has brought a range of new asset classes and investment options to the world of financial investment –  a rare occurrence, as he describes it,  in the transitional financial market. 

Goldman Sachs’ nod of approval comes as a temporary silver lining to the dark clouds currently surrounding the apex crypto coin, which has seen it plunge mercilessly down the value trough barely 40 days after peaking at $62,000 ATH.  

BTC’s nascent decline which began with a partnership disassociation announcement with Elon Musk’s Tesla was exacerbated by China’s hardline calm down on BTC miners and exchanges and has continued to receive further correction blows – the latest being HSBC’s crude disapproval.

Added to that are the Bank of England’s disapproval, Berkshire Hathaway’s bitter shade, and the wave of corruption that has swept the confidence of Turkey’s crypto market.

The regulation fears are real and looming, according to Dermott, and could impede further soaring profit runs in the future, but there is no doubt that Bitcoin has graduated from the point of soliciting for acceptance to the stage where industry players are racing to help make the market orderly and shape the asset for long term value increase. 

As of the time of reporting, BTC has seen over a 13% value increase over the past 24 hours, currently trading at $37,795 as it hopes to get back to the trillion-dollar market cap club. Over the past 24 hours, the top ten markets had more greens than reds with Stellar, and Binance Coin recording gains above 30%. ETH ($2,406), XRP ($0.8) and Cardano ($1.49) inched closer within the 20% -30% horizon value. Another double-digit growth was seen in Dogecoin (12%), Polkadot (19%), and ICP (17%).