Goldman Sachs has announced that it will offer bitcoin investments to its wealth management clients. The investment bank reportedly plans to offer a full range of bitcoin investments, via physical bitcoins, derivatives or traditional investment vehicles.
Goldman Sachs begins offering bitcoin investments to its high-net-worth clients
Goldman Sachs is the second major bank to say it will offer its high-net-worth clients access to bitcoin investments. CNBC reported Wednesday that the bank is about to offer its first investment vehicles to buy bitcoin to clients of its private wealth management group.
Mary Rich, who was recently appointed head of global digital asset management for Goldman’s private wealth management business, said the bank plans to start offering bitcoin investments in the second quarter. In an interview last week, she said: We are working closely with the company’s teams to find ways to provide private clients with thoughtful and appropriate access to the ecosystem, and we plan to do so in the near future.
Rich said Goldman Sachs eventually wants to offer a full range of bitcoin investments, whether through physical bitcoin, derivatives or traditional investment vehicles, the statement said. She was quoted:
Many clients see this investment as a hedge against inflation, and the macroeconomic environment of the past year has certainly played a role in that… There are also many customers who think we’re on the cusp of the new Internet and are looking for ways to participate in that space.
Earlier this month, Morgan Stanley announced that it would offer its wealth management clients access to three bitcoin funds, becoming the first major bank to do so. In addition to Goldman Sachs and Morgan Stanley, other major banks have yet to make bitcoin available to their wealthy customers. Goldman’s wealth management business focuses primarily on individuals, families and foundations with investable assets of at least $25 million.
Rich said Goldman Sachs could offer clients access to bitcoin mutual funds, similar to what Morgan Stanley does. In addition, he added, the firm also wants to offer its clients other investment options that are more in line with an underlying asset class that is traded around the clock around the world. The head of Global Digital Assets noted that some cryptocurrency mutual funds can only be sold or bought once a quarter. She concluded:
We are still in the infancy of this ecosystem; no one knows exactly how it will evolve or what form it will take….. But I think it’s pretty certain that it will be part of our future.
Goldman Sachs reinstated its bitcoin trading division earlier this month, saying it sees strong institutional demand for BTC.
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