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One of the greatest financial firms in the United States, Goldman Sachs, has reversed its attitude on cryptocurrencies and is now openly promoting them on its main website.
The most recent version of its home page included a section on "digitalization," which leads to a page with news on cryptocurrencies, the metaverse, and other Web3 trends that it says are "reshaping economies."
Even Goldman is susceptible to Web3's allure.
In the world of traditional finance, pushing a bitcoin agenda has become practically omnipresent. Even during the harshest downturn, institutions have been adding cryptocurrency to their offerings and investigating methods to enter the crypto industry.
One of those organizations is Goldman Sachs, which was second only to JPMorgan in its hesitation to jump on the crypto bandwagon.
While the American investment bank has long offered bitcoin products, it was only a few years ago that its senior executives were openly dismissive of the new asset class.
In a presentation on cryptocurrencies released in 2020, the bank stated that Bitcoin is neither an asset class nor a good investment.
After releasing a comprehensive study on the cryptocurrency sector less than a year later, the bank began selling Bitcoin-backed trading products almost immediately.
It became the first U.S. bank to undertake an OTC crypto options trade earlier this week, trading a non-deliverable Bitcoin option with Galaxy Digital’s help.
The larger market, on the other hand, was taken aback by its aggressive focus on cryptocurrency and digitization, which many saw as a very bullish indication for the industry.
Web3 is promoted as the dominating narrative not only in the crypto market, but also in traditional finance, according to Goldman’s “Insights” page, which includes lengthy sections on the metaverse and online gaming.
We’ll have to wait and see if Goldman’s new website has an impact on the crypto market. Aside from its historic OTC transaction earlier this week, the bank has been tight-lipped about any additional crypto or Bitcoin-related products it may offer. With the bank’s core business focusing on authorized investors and institutions trading derivatives, the impact of its new Web3-first approach could take months to manifest.
According to Mike Bucella, general partner of Block Tower, just over half of Goldman Sachs asset manager and hedge fund customers had cryptocurrency exposure. Around 60% of respondents said they planned to grow their crypto holdings in the next year to two years, while 14% said they were interested in DeFi coins.