Goldman Sachs recently released its DeFi report, giving keen insights about its bullish nature in the domain. The report is titled “Crypto: A New Asset Class” and is available to paying subscribers.
The report also included an interview with Mike Novogratz, the former hedge fund manager. The new chief executive officer of Galaxy Digital, Mike, was a billionaire before the 2008 financial crisis. However, the expert recovered the entire fortune by investing in Bitcoin as soon as it was introduced in 2009.
Besides the interview, the report also provides a long-term vision of the DeFi forecast and trends. Some more parts of a report have also been released on the internet. The 41-pages long report sees Mile making references to DeFi on multiple topics.
These topics are DeFi use cases, Ethereum’s market dominance, DeFi for huge scale institutions, etc. Other than that, Goldman Sachs has not fully released any reports lately. However, even Q4 2021 talked about DeFi and how it can help the underbanked population.
According to the report, the DeFi industry expanded over ten times during 2020 alone. Its TVL has also surged more than 900%, reaching almost 100 billion dollars in 2022. This growth has resulted from speculative and yield activity around the domain.
DeFi is not the only area where the US bank has warmed up. To everyone’s surprise, the institution also advocated BTC in 2021. It has continued the pattern in 2022, stating that Bitcoin might reach 100 thousand dollars in market value in the next five years.
While the most popular crypto is currently struggling, it has amassed a staggering growth multiple times in the past. Given this tendency, Goldman Sachs’ prediction might come true, making the ongoing dip a viable entry point for traders.