Goldman Sachs will soon offer its private wealth management clients a variety of options to to invest in bitcoin and other cryptocurrencies.
The bank aims to begin offering investments in the emerging asset class in the second quarter, according to Mary Rich, who was recently named global head of digital assets for Goldman’s private wealth management division.
Company says this decision is in response to what clients demanded…
Their private wealth management division is geared toward their wealthiest clients — investors with at least $25 million invested. “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.”
Where Goldman Goes, Others Follow…
As more established financial institutions invest in crypto more companies are expected to follow, and there may not be any company with more followers than Goldman.
While Tesla may have opened the pipeline between the crypto world and mainstream investors, Goldman may have just opened the floodgates.