Goldman Sachs is striking an increasingly positive tone on Bitcoin calling the new spot Bitcoin ETFs<\/a> an “astonishing success” after years of scepticism.<\/p>\n JUST IN: \ud83c\uddfa\ud83c\uddf8 Goldman Sachs says the #Bitcoin<\/a> ETF approval was a “big psychological turning point.”<\/p>\n It has been an \u201castonishing success.\u201d \ud83d\ude80 pic.twitter.com\/fcuhXMyAah<\/a><\/p>\n \u2014 Bitcoin Magazine (@BitcoinMagazine) May 30, 2024<\/a><\/p>\n At the Consensus 2024 conference hosted by CoinDesk, Goldman’s global head of digital assets, Mathew McDermott, said<\/a> the SEC’s approval of spot Bitcoin ETFs <\/a>earlier this year marked a “big psychological turning point” for the industry.<\/p>\n “The Bitcoin ETF obviously has been an astonishing success,” McDermott said, signalling a change in Goldman’s stance after dismissing the idea of Bitcoin ETFs earlier.\u00a0<\/p>\n The bank has since joined the action, acting as an authorized participant for BlackRock’s IBIT bitcoin ETF, which launched in January. That ETF recently<\/a> became the world’s largest, surpassing $20 billion in assets faster than any other ETF in history.<\/p>\n McDermott’s bullish comments come after the massive inflows into US spot bitcoin ETFs, suggesting growing Wall Street acceptance.\u00a0<\/p>\n The warm embrace of Bitcoin ETFs follows years of scepticism from legacy finance giants like Goldman. But the staggering demand has converted many former naysayers.<\/p>\n McDermott cited surging interest from both retail and institutional investors in these regulated investment vehicles. Giants like BlackRock and Fidelity now operate spot Bitcoin ETFs managing billions in assets.<\/p>\n