Los Angeles (CoinChapter) – Major investment bank Goldman Sachs will soon offer Bitcoin and other cryptocurrencies to some of its richest clients.
According to Mary Rich, who was recently appointed global head of digital assets for Goldman Sachs’ private wealth management division. The bank plans to offer investments for the leading cryptocurrency and digital assets in the second quarter of 2021.
″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,” Rich said.
Goldman is exploring offering all kinds of investments in Bitcoin and cryptocurrencies. Whether it be the physical form, derivatives or traditional investment vehicles.
The decision comes after another major bank, Morgan Stanley. Announced similar plans to offer their clients the opportunity to invest in Bitcoin.
Up until recently, big banks have typically shied away from Bitcoin. As they believed it was too speculative and volatile for clients. However, that narrative changed after the BTC price surged to new highs this year.
More institutional investors, corporations and fintech players now believe Bitcoin is a worthwhile investment. “There’s a contingent of clients who are looking to this asset as a hedge against inflation. And the macro backdrop over the past year has certainly played into that,” Rich said.
“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’s private wealth management business mostly targets individuals with at least $25 million to invest. While they will soon be able to purchase Bitcoin, other crypto funds such as the Galaxy Bitcoin Fund may only be bought on a limited basis.
Anthony Pompliano comments on Goldman Sachs offering Bitcoin as an investment
Soon after news broke that Goldman Sachs will begin offering Bitcoin as an investment, he noted that the decision was a change of heart. The bank previously was skeptical of BTC and other cryptocurrencies.
At press time, Bitcoin was trading at $58,469 — a 1.30% decrease from the previous day.