Goldman Sachs, the leading investment banking giant is all set to offer investment vehicles to Bitcoin and other cryptocurrencies to its wealth management client by the second quarter of 2020, reported CNBC.
BREAKING: Goldman Sachs is planning to offer Bitcoin services to their high-net worth clients in Q2.
Eventually they will have to offer bitcoin services to everyone.
— Pomp ???? (@APompliano) March 31, 2021
Mary Rich, Head of Digital Assets at Goldman Sachs 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.”
Rich also said that the firm is looking to offer a full spectrum of investments in bitcoin and other cryptocurrencies “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles,” she said.
The plans of offering Bitcoin and crypto investment tool for its wealthy client’s comes just a month after the firm has re-opened its Bitcoin Options Desk again.
Goldman Sachs and Morgan Stanley Rush to Offer Bitcoin; Would Others Follow?
The recent rush among the top investment banks in the US to offer Bitcoin to their clients suggests the growing demand for the top cryptocurrency. while Goldman Sachs is set to offer different investment vehicles for Bitcoin and crypto explosive to its wealthy client’s, Morgan Stanley is working on rolling out direct ownership of Bitcoin for its clients during the same time frame.
The fact that Goldman Sachs until last year didn’t see Bitcoin as an asset class and have come around to offer any form of investment vehicle to offer exposure to its clients is a shining example of growing Bitcoin adoption.
Apart from rising demand from Wall Street investors, the retail demand seems to be evenly poised as top retail payment processors including VISA and PayPal have recently announced that they would allow for crypto expenditure and payment through their platform.