Goldman Sachs Sees Bitcoin Market Becoming More Mature | Markets and Prices Bitcoin News

Bitcoin.com

Goldman Sachs’ global head of commodities research sees the bitcoin market becoming more mature. “The key to creating some type of stability in the market is to see an increase in the participation of institutional investors,” he detailed. Meanwhile, the price of the cryptocurrency soared on Thursday, regaining much of the losses from the beginning of the week.

Goldman Sachs Sees Maturing Bitcoin Market

Jeff Currie, global head of commodities research at Goldman Sachs, told CNBC this week that the bitcoin market is becoming more mature. Noting that it is “very difficult to forecast” bitcoin’s price due to the level of volatility and uncertainty in the market, the Goldman Sachs head of commodities research remarked:

How To Get Free Crypto  

I think the market is beginning to become more mature. I think in any nascent market you get that volatility and those risks that are associated with it.

The price of the bitcoin has just returned to the $40K level after taking a nosedive Sunday night, shedding billions off its market cap. It climbed from a low of $36,811 to a high of $40,015 on Thursday, gaining about 8.7%. At the time of writing, BTC is trading $39,583 and its market cap has surpassed $736 billion.

Bitcoin’s price chart showing a low of $36,811 and a high of $40,015 on Thursday. Source: markets.Bitcoin.com.

Currie further opined:

The key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they’re small.

Currie added that “institutional money” only accounts for “roughly 1%” of bitcoin’s market cap. Meanwhile, Bitcointreasuries.org, the site which lists known companies holding bitcoin, shows that a total of 1,171,889 BTC are held by public companies and investment funds. This amounts to more than $46 billion or approximately 6% of bitcoin’s total market cap.

Nonetheless, the number of institutional investors with bitcoin in their portfolios has been increasing. Several reports suggest growing institutional demand for BTC, such as a survey by Fidelity, which found that almost 80% of 800 institutional investors surveyed find crypto assets appealing. Among recent institutional buyers of bitcoins are Microstrategy, Ruffer, Skybridge, and Massmutual.

Do you agree with the Goldman Sachs analyst? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Coinbase Banner  

Read disclaimer

Go to Source
Author: Kevin Helms


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.