Goldman Sachs Foresees Blockchain Boom and Bitcoin Momentum in 2024
In 2024, Goldman Sachs anticipates a mature phase for digital assets, focusing on institutional adoption and regulatory developments in blockchain technology.
Matthew McDermott, Goldman Sachs’ digital assets head, highlights the trend of businesses leveraging blockchain efficiency and expanding to seize commercial opportunities, particularly eyeing the forthcoming Bitcoin ETF.
McDermott emphasizes the need for larger-scale blockchain adoption to realize its full business potential, foreseeing increased participation from banks enhancing market liquidity for tokenized assets.
He points out the inefficiencies in existing collateral mobility due to outdated systems, emphasizing the present-day advantages of technology adoption for commercial gain.
Traditional asset tokenization is projected to precede more unconventional ones, promising benefits in liquidity, pricing transparency, and visibility, especially for lesser-traded assets.
William Quigley, co-founder of WAX, specializing in collectibles on the blockchain, echoes these views, predicting a niche growth phase for tokenization in 2024, maturing by 2030.
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McDermott predicts substantial investments in Bitcoin’s liquidity following the potential approval of Bitcoin ETFs, expecting pension funds and insurers to contribute significantly. The US Securities and Exchange Commission (SEC) is expected to rule on the ARK Invest ETF application by January 10, 2024, likely approving all thirteen applications for fair competition.
Post-approval, McDermott anticipates gradual growth in Bitcoin ETFs throughout the year, rather than an immediate spike.
The SEC’s deadline for S-1 filing modifications was December 29, 2023. Analyst Eric Balchunas forecasts firms listing authorized entities capable of ETF share creation and redemption closer to the ARK deadline.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
