The momentum of crypto adoption news continues to accelerate.
This week, Goldman Sachs CEO David M. Solomon forecast a big evolution of the government’s regulations on Bitcoin and cryptocurrency, predicting that they will continue to evolve with what they believe will be a drastically changing regulatory environment.
“The bank announced last week that Goldman’s private wealth management division is close to offering Bitcoin exposure to larger clients with portfolios of $25 million or more. A ‘full-spectrum’ of investment options in Bitcoin and other cryptocurrencies is set to roll in Q2 of this year.” (CoinTelegraph)
But Goldman isn’t the only major bank and financial institution getting into crypto.
State Street, the second-oldest bank in the U.S., which currently manages $3.1 trillion in assets under management and a staggering $38.8 trillion in assets under custody, is offering its multi-asset trading platform to Pure Digital. Pure Digital plans to be a leading cryptocurrency trading system for institutions and banks looking to offer digital assets to their customers (Blockworks).
Per the article by Blockworks, State Street now joins BNY Mellon, JPMorgan Chase, Citigroup, BNP Pariba, and of course Goldman Sachs to introduce a service for digital assets.
Of course, as institutional adoption continues to rise, so does the outflow for Bitcoin from exchanges. The supply shock is starting to really become apparent in the on-chain data.
Bitcoin’s price continues to stabilize and consolidate between $50,000 and $60,000. With every dip, thousands of Bitcoin are purchased and removed from exchanges. The rise in price has also resulted in Bitcoin’s computing power, also known as hash rate, also hitting an all-time high (Documenting Bitcoin), as more miners than ever are powering the network, and are not selling the coins they mine.
As the supply shock sets in, it’s apparent that Bitcoin is still seeing tremendous demand at record-setting prices, creating optimism among a very bullish 2021 market.
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