- Goldman Sachs will be offering its wealthiest clients access to a range of investments in Bitcoin.
- This comes after the investment bank reopened its crypto trading desk earlier this year.
- The investment banking giant decided to offer crypto-related investments due to increased demand from clients to hedge against inflation.
Goldman Sachs is preparing to offer its private wealth management clients a range of investments in Bitcoin and other cryptocurrencies.
Goldman Sachs to offer crypto access in Q2
In March, Goldman Sachs filed for a new investment product that would give its clients indirect exposure to Bitcoin. Sometime in the next three months, Goldman Sachs will offer a wide selection of investments, including physical Bitcoin, derivatives or traditional investment vehicles.
Mary Rich, joining Goldman Sachs as the new global head of digital assets for its private wealth management division, will be educating clients about blockchain technology and the crypto ecosystem.
Catering to the wealthiest — with at least $25 million — Rich explained that the move to offer Bitcoin and crypto-related investments was due to client demand. She added:
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.
As many clients are looking for ways to participate in this space, Goldman Sachs announced the reopening of its cryptocurrency desk in early March, supporting Bitcoin futures and non-deliverable forwards.
While governments and central banks continue to flood the economy with stimulus, Bitcoin has been seen by investors and companies as a hedge against inflation.
The bank could begin offering digital asset investments as soon as in the next few months.
Goldman Sachs joins Morgan Stanley — another investment bank that announced that they could offer Bitcoin funds to clients starting in April.
Morgan Stanley indirectly bought into the new asset class when the bank increased its total stake in MicroStrategy to 10.9%. MicroStrategy continues to invest in Bitcoin as a primary treasury asset, giving the investment bank indirect exposure to the cryptocurrency.
With $4 trillion in client assets, Morgan Stanley became the first big bank in the US to offer access to Bitcoin funds to its wealth management clients who have at least $2 million in assets held by the bank.
The Bitcoin price reacted positively to the news, climbing back up to above $58,000 after the pioneer digital currency suffered a flash crash, leading to liquidations of $600 million of leveraged positions in the crypto market.
Follow us on Telegram
Stay updated of all the news
Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move
Bitcoin price is inching towards the first monthly loss of 2023. At press time, BTC price is 4.4% below $29,233, its price on May 1. If BTC fails to regain lost ground, the asset is in for its first monthly loss of the year.
Cardano price rallies with surge in DEX volume and new meme coin launch
Cardano-based decentralized exchange Minswap registered a large spike in transaction volume since the beginning of May. Between May 1 and 30, transaction volume surged from $10 million to $72 million.
Shiba Inu eyes recovery as holders pull more than 44 trillion tokens off exchanges
The reserve of Shiba Inu tokens across cryptocurrency exchange platforms has consistently declined between March and May. SHIB holders have pulled 44.53 trillion tokens off exchanges.
XRP likely set for price rally as network activity heats up
XRP Ledger’s native token XRP registered an increase in address activity on Monday, when more than 490,000 addresses interacted on the network, signaling an impending price rally.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.