Wall Street bank Goldman Sachs predicted that the crypto assets ecosystem would see a significant rise in trading volumes in near future, amid potentially bullish signs like the approval of spot Bitcoin ETF, the Bitcoin Halving and the US Federal Reserve’s interest rate cutting measures in the year 2024.
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Goldman Sachs Sees ‘Significant Uptick’
According to a Reuters report, the Wall Street giant expects a “significant uptick” in trading activity for cryptocurrencies in the next few quarters. Mathew McDermott, global head of digital assets at the bank, was quoted as saying,
“Probably within the next one to two years you will see a big significant uptick in the quantum trading on-chain, probably three to five years to really see these marketplaces at scale.”
Earlier, Larry Fink, the CEO of Blackrock, said tokenization of assets would be “the next generation for markets.” McDermott, however, believes that is a long way to go for “replicating the majority of financial markets exclusively on blockchain.”
Bitcoin (BTC) Price Forecast
The US Federal Reserve decided to maintain its benchmark interest rate at 5.25 to 5.5% during the December 2023 Federal Open Market Committee (FOMC) meeting. This meant a nearly 5% rise in the Bitcoin (BTC) price, recovering from the dip to $40,000 earlier in the week. Meanwhile, the CME FedWatch Tool, which gauges the sentiment on the likelihood that the Fed will change the Federal target rate at the next FOMC meeting, forecasts that the central bank would continue to maintain the current target rate after the January 31, 2024 meeting.
Hence, there could be further upside to the BTC price with the Fed maintaining interest rates steady. In November 2023, macro guru and investment manager Dan Tapiero predicted that BTC price would reach the $100,000 during the next bull run in 2025. Also, Standard Chartered expressed similar sentiment, predicting that the top cryptocurrency would reach $100,000 by the end of 2024.
Also Read: US SEC Delays Decision on Invesco and Galaxy Ethereum ETF
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