Bitcoin Ready For $10 Trillion Valuation as Goldman Sachs Begins Over-the-Counter Crypto Trading

Bitcoin Ready For $10 Trillion Valuation as Goldman Sachs Begins Over-the-Counter Crypto Trading

A major US bank, Goldman Sachs, has started trading cryptos over the counter, giving hope to global cryptocurrency trading

  • One of the biggest asset management companies in the world, BlackRock, said it is looking into digital currency trading due to clients' demands
  • The company's chief executive, Lary Fink, said Russia's desire to begin accepting crypto for oil and gas following sanctions had sparked global interest in cryptocurrency

There is a massive rallying for the premium cryptocurrency, Bitcoin, as it bounced back this week.

The price of Bitcoin spiked to over N18 million per Bitcoin after Russia indicated interest to accept Bitcoin as payment for oil and gas export, a Forbes report said.

Bitcoin, Goldman Sachs, Cryptocurrency, BlackRock
Bitcoin set to hit $1 trillion valuation. Credit: Paul Yeung
Source: Getty Images

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The price of other cryptos like Ethereum has continued to climb as confidence mounts ahead of the anticipated upgrade.

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Russia’s desire to accept Bitcoin for oil and gas drives price above N18m

Asset managers think its time to trade in crypto

Chief Executive of Black Rock, Lary Fink, the most significant asset manager globally, which has around $10 trillion in assets under its management, has said that his firm is looking at digital currencies due to increasing clients’ demands.

According to Fink, the increasing appetite for cryptocurrency from clients at BlackRock has pushed the company to start studying cryptocurrencies, stablecoins and the technology behind them in order to understand how they can help serve their clients.

He had ignored bitcoin and other cryptos during an interview with CNBC in 2021, saying he does not see heavy demand for crypto.

Major banks bracing up for crypto adoption

In February, Coindesk said that the company was getting ready to follow other companies, including Goldman Sachs, Morgan Stanley and Citi, to trade in cryptos. In addition, the report said BlackRock would let clients borrow by using crypto assets as collateral.

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Godman Sachs became the first US bank to begin trading crypto over the counter. It works with a cryptocurrency merchant bank, Galaxy Digital, to offer bitcoin-backed instruments known as a non-deliverable alternative.

The BlackRock chief called bitcoin a money-laundering tool five years ago. He stated that Russia’s incursion in Ukraine and sanctions against the country are responsible for wide crypto adoption.

According to him, the Russia-Ukraine war will encourage countries to rethink their currency reliance.

Investors poured N14.5 trillion into cryptocurrency in 2021 as demand for crypto-related jobs surged

Legit.ng has reported that the career networking site, LinkedIn said crypto job listings soared to an all-time high in 2021, rising by 395 per cent.

According to the LinkedIn report, jobs like Bitcoin, Ethereum, blockchain, and cryptocurrency surged in 2021 in the US, which outpaced that of the tech industry, seeing a 98 per cent rise during the same period.

According to a Nairametric report, the analysis said most of the postings were software-inclined and in finance positions. However, LinkedIn said demand for people in professional services such as accounting and consulting, staffing and computer software also rose.

Source: Legit.ng

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