CNBC has reported that Goldman Sachs plans to offer investment vehicles for BTC and other digital assets soon.
Mary Rich, who now spearheads digital assets for the bank’s private wealth management division, asserted that the offerings will be available soon, per CNBC. According to her, Goldman will continue to serve its clients to the best of its abilities, and this includes delving into a “full-spectrum” of investments in bitcoin and other digital assets.
Goldman Sachs may offer its private wealth management clients access to bitcoin investments funds or other vehicles that trade more often, per the report.
Recently, Morgan Stanley made a similar announcement about offering its clients access to bitcoin funds. These developments mark the growing power of the BTC, as banks are beginning to open their doors for bitcoin, irrespective of its volatility.
“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 told CNBC. “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.”
The move faced negativity from the industry, with many executives throwing shade at Goldman BTC embrace. The chief investment manager of Goldman’s wealth management business, Sharmin Mossavar-Rahmani, has criticized bitcoin, according to CNBC.
However, Galaxy Investment CEO Mike Novogratz expressed his shock at how fast BTC adoption is moving, telling CNBC that, “Adoption’s happening faster than I predicted.”