A survey of Goldman Sachs clients reveals that investors are bullish on digital assets, with over half of those surveyed indicating that they will increase their crypto holdings over the next two years.
What happened: The financial giant’s digital asset client survey compiled data from 172 clients on cryptocurrencies, altcoins, decentralized finance (DeFi) and non-fungible tokens (NFTs). While the report isn’t readily available to the public yet, The Block obtained a copy of the document that revealed some telling stats.
- Of the 60% that said they would build their crypto portfolio, 32% expected to “significantly increase” their holdings, and 55% said they could allocate up to 5% of their total assets into crypto investments.
- Clients’ exposure to cryptocurrencies rose from 40% in 2021 to 51%.
- Bitcoin and Ether are the most popular among clients, with 22% interested in the apex coins.
- New this year is the investment interest in altcoins at 15%, DeFi tokens at 14% and NFTs at 9%.
Goldman is already taking concrete steps to push into crypto. Last week, it partnered with Galaxy Digital and became the first “major bank” in the US to complete an over-the-counter (OTC) crypto transaction.
Why it matters: Goldman Sachs manages over US$2 trillion in assets, and if they want to increase that number, they have to adapt to the demand for opportunities to invest in cryptocurrencies, blockchain technology and DeFi.
- The company has pivoted in terms of its stance on digital assets as investment opportunities: in 2017, the CEO at the time called Bitcoin a “vehicle to perpetrate fraud” (maybe this is why they replaced him the following year?).
- Goldman Sachs now says Bitcoin will rival gold as a secure “store of value.”