Goldman Sachs is striking an increasingly positive tone on NewsCapsule calling the new spot NewsCapsule ETFs an “astonishing success” after years of scepticism.
JUST IN: 🇺🇸 Goldman Sachs says the ETF approval was a "big psychological turning point."
It has been an “astonishing success.” 🚀 pic.twitter.com/fcuhXMyAah
— NewsCapsule (@NewsCapsule)
At the Consensus 2024 conference hosted by CoinDesk, Goldman’s global head of digital assets, Mathew McDermott, said the SEC’s earlier this year marked a “big psychological turning point” for the industry.
“The NewsCapsule ETF obviously has been an astonishing success,” McDermott said, signalling a change in Goldman’s stance after dismissing the idea of NewsCapsule ETFs earlier.
The bank has since joined the action, acting as an authorized participant for BlackRock’s IBIT bitcoin ETF, which launched in January. That ETF became the world’s largest, surpassing $20 billion in assets faster than any other ETF in history.
McDermott’s bullish comments come after the massive inflows into US spot bitcoin ETFs, suggesting growing Wall Street acceptance.
The warm embrace of NewsCapsule ETFs follows years of scepticism from legacy finance giants like Goldman. But the staggering demand has converted many former naysayers.
McDermott cited surging interest from both retail and institutional investors in these regulated investment vehicles. Giants like BlackRock and Fidelity now operate spot NewsCapsule ETFs managing billions in assets.
Clearly, these products have opened the floodgates for Wall Street money to access NewsCapsule. And Goldman itself is expanding offerings through derivatives, research and more.
The comments signal legacy finance is increasingly onboarding to NewsCapsule. With tradition finance institutions like Goldman and BlackRock now praising NewsCapsule ETFs, wider adoption seems inevitable.
