Goldman Sachs is the second major bank in the US to offer Bitcoin funds to its wealthy clients
Goldman Sachs announced that it will offer its wealthy clients access to Bitcoin investment vehicles starting in the second quarter. The investment bank is following the move by rival Morgan Stanley, which made a similar announcement earlier this month.
Mary Rich, recently named global director of digital assets in Goldman’s private wealth management division, shared this information with CNBC yesterday. Rich told CNBC that the investment bank plans to start offering bitcoin investments from the second quarter of 2021.
She explained that “We are working closely with teams across the company to find ways in which private customers can gain thoughtful and appropriate access to the ecosystem. We expect this in the near future. “
Goldman Sachs intends to cover other digital assets besides Bitcoin. The investment opportunities would be available through the physical bitcoin as well as through derivatives or traditional investment vehicles, Rich added.
Bitcoin’s price spike over the past year has piqued the interest of institutional investors demanding access to cryptocurrencies. Rich stated that institutional investors and corporations believe that the digital asset infrastructure is more mature, which is the right time to enter the cryptocurrency market.
Goldman Sachs offers high net worth individuals access to Bitcoin funds (valued at at least $ 25 million). She stressed that some investors see Bitcoin as a hedge against inflation, while others believe that we are at the beginning of a new internet.
Similar to other financial institutions and corporations, Goldman Sachs intends to be in the bitcoin game for the long term. Rich stated, “We are still in the early stages of this ecosystem. Nobody knows exactly how it will develop or what shape it will take. But I think it’s pretty safe to expect that it will be part of our future. “
This move makes Goldman Sachs the second major financial institution in the US to offer its wealthy clients access to Bitcoin investment vehicles. Morgan Stanley launched its plan earlier this month and will offer access to the funds starting this month.