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Demand for Bitcoin Increases Despite Regulatory Restrictions: Goldman Sachs CEO

The existing regulatory framework around cryptocurrency restricts Goldman Sachs from implementing its projects covering digital currencies, said the bank’s CEO, David Solomon. He added that customer demand has skyrocketed in recent months, which is the reason behind GS’s proactive crypto approach.
US Rules Bring Challenges for Institutions Engaging with BTC
Founded in 1869, Goldman Sachs is a giant US multinational investment bank that has displayed a somewhat controversial approach towards bitcoin and the entire cryptocurrency space.
Its previous actions included launching a cryptocurrency trading desk in 2017, halting it shortly after, and restarting it earlier this year. Before reactivating the initiative, though, Goldman held a conference call in which it claimed that digital assets are not an asset class.
However, the organization’s opinion on the industry has swung once again. More recent reports informed that Goldman planned to file for a Bitcoin ETF and to release an investment infrastructure to wealth management clients.
The bank’s CEO, David Solomon, recently appeared on Squawk Box, where he addressed the demand for the primary cryptocurrency from institutional clients. However, he noted that the current legislation raises issues for heavily regulated establishments, such as Goldman, to interact with digital assets.
“There are significant regulatory restrictions around us and us acting as a principle around cryptocurrencies like bitcoin.”
David Solomon. Source: InterNewsCastDemand for BTC Rises at Goldman
Despite the challenges Goldman faces, Solomon reassured the customers that they would continue to receive exposure to bitcoin as long as the interest remains high.
“As …
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