Wall Street titan Goldman Sachs is offering Cryptocurrency options for his wealth management clients to invest in Bitcoin and other digital assets, starting in the second quarter.
Although the digital currency remains highly volatile, Bitcoin’s price has skyrocketed, topping the $60,000 mark in mid-March, with its coins in circulation being worth more than $1 trillion.
Now that Goldman Sachs is going to facilitate the investment in Bitcoin by its wealth management clients, according to CultureBanx, the legitimacy bar for digital currencies has been raised. Its private wealth management division is catered towards the wealthiest of clients, targeting those with a minimum of $25 million to invest.
Mary Rich, who is slated to become the new global head of digital assets for Goldmans private wealth management division, said there’s a large contingent of clients who feel like they’re sitting at the dawn of a new Internet, and are looking to participate in this space.
The move means that soon, Goldman and Morgan Stanley, clients of two of the world’s preeminent investment banks, will have access to a nascent asset class, already intriguing billionaires and digital currency believers alike.
CBNC reported that Morgan Stanley told financial advisors that they could place clients into Bitcoin funds starting this month.
CNBC says Goldman is in the process of securing approvals from regulators including the Securities and Exchange Commission, and the New York Department of Financial Services.
Mary Rich said nobody knows exactly how it will evolve or what shape it will be but thinks “it’s fairly safe to expect it will be part of our future.”
