While most holders and investors seemed desperate after the latest cryptomarket bloodbath when Bitcoin fell harder than ever in 2018, Wall Street’s Goldman Sachs believes that all these price movements are eventually healthy for the crypto markets.
Despite the recent price fall, there seems to be a continually growing number of clients for the bank that are posting various inquiries into whether they can find safe harbor for their crypto assets, as reported by Ethereum World News.
Bloomberg notes that Goldman Sachs hasn’t made any progress in terms of direct custodian features for Bitcoin and altcoin holders.
Justin Schmidt, on the lack of custodian features
The bank’s head of digital asset markets Justin Schmidt commenting upon the lack of availability at a conference in New York.
He highlighted the current hurdle of understanding the government regulations regarding crypto.
“One of the things they ask me is ‘Can you hold our coins?’ and I say ‘No, we cannot,” One of the things we have to take into consideration when we’re building out our business is what we can and cannot do from a regulatory perspective,” he said.
Clients raise demand for the bank to offer direct custodial services
He also said that clients seem to have raised some demand for the bank to offer direct custodial services.
Some institutional players are still running for the creation of a Bitcoin Exchange Traded Fund and a renewal in the crypto markets could pose more demand upon Goldman Sachs to offer more expanded services to its clients.
He concluded by encouraging crypto investors who are currently struggling with the latest market crash, and he claimed that the rapid shift in valuation would shake off some less desirable speculation that is present in the industry.
He said that “in many ways, the rampant speculation that has been quelled over the past several months is healthy for the ecosystem and I very much look forward to companies that are providing institutional-grade products and services.”