U.S. cyberbanking giant Goldman Sachs recently decided to restart its cryptocurrency trading desk. This has reportedly led to an increased demand for digital assets amid its customer base of operations.

According to a Reuters report, Goldman Sachs primary operating officer John Waldron said the house is exploring how to meet an increasing need from clients looking to invest in Bitcoin (BTC). The chief operating officer said Goldman Sachs would "proceed to evaluate" and "engage on" crypto for customers.

Matt McDermott, global head of digital assets for Goldman Sachs' global markets division, additionally said on Fri that 40% of Goldman investors have at least some exposure to crypto.

Goldman is likewise reportedly exploring the launch of a Bitcoin exchange-traded fund, forth with farther ways to custody digital assets. Waldron said the current pandemic has been "a significant accelerant" for online purchases and would likely crusade an "explosion" in digital currency payments.

Some in the crypto space are looking toward Goldman's reentrance as a surly indicator for BTC. The investment management firm originally set up its crypto trading desk-bound at the peak of the 2017 bull run, after which time the price of Bitcoin dropped significantly.

Many have pointed out, however, that the crypto market Goldman faces in 2021 is arguably different from what it was four years agone.

Major companies take now adopted Bitcoin as a reserve asset. The regulatory surround in the United States could as well potentially be more favorable to crypto under the Joe Biden assistants. On Wednesday, the U.Due south. Senate Banking Commission voted in favor of pro-crypto candidate Gary Gensler to chair the Securities and Commutation Commission.