Happy Thursday, Blockfolians
News broke today that Goldman Sachs had named Matthew McDermott as their new head of digital assets.
Unlike the person McDermott is replacing, he is a financial market veteran. If you want a sense of how he thinks about the space, check out this quote:
“In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain…So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies. And that can be debt issuances, securitization, loan origination; essentially you’ll have a digital financial markets ecosystem, the options are pretty vast.”
He also said that the banking giant was “exploring the commercial viability of creating our own fiat digital token.”
This is particularly interesting as not too long ago, Goldman came out with an aggressive report arguing that bitcoin wasn’t an investment class.
Still, at the time, it felt like that report was prompted by new questions around bitcoin from private wealth clients in the context of the central bank COVID-19 response.
Whatever the case, this signals another serious player in an increasingly serious market.
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