- Goldman Sachs plans to offer Bitcoin to private wealth management clients starting in the second quarter.
- According to Goldman’s Mary Rich, Bitcoin “will be a part of our future.”
The bullish news this week for Bitcoin doesn’t stop. According to a report from CNBC, Goldman Sachs is looking to launch Bitcoin for private wealth management clients in the second quarter. Citing Goldman’s Mary Rich, who was recently named global head of digital assets for the bank’s private wealth management business, CNBC reports that the banking giant is looking to offer a “full spectrum” of investments in Bitcoin and digital assets.
According to Rich, there are some clients at Goldman Sachs “who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that. There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space”.
Goldman Sachs, "Our clients feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in Bitcoin"
— Documenting Bitcoin 📄 (@DocumentingBTC) March 31, 2021
The new digital assets chief also added:
We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term.
The crypto services could be realized through “physical Bitcoin, derivatives or traditional investment vehicles,” Rich also revealed.
After Morgan Stanley told its financial advisors earlier this month that they would be able to place client money in Bitcoin funds starting in April, two of the world’s leading investment banks will now soon allow investment in Bitcoin. As such, today’s flash crash could merely be a glitch on Bitcoin’s way to a new all-time high. In line with this, Rich also said:
We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be. But I think it’s fairly safe to expect it will be part of our future