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Goldman Sachs to Allow Bitcoin and Crypto Investment Option for Its Wealth Management Clients

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by Bhushan Akolkar · 3 min read
Goldman Sachs to Allow Bitcoin and Crypto Investment Option for Its Wealth Management Clients
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Goldman Sachs has a minimum threshold of $25 million investment for individuals, families and endowments under its wealth management business offerings. This shows massive money is coming to Bitcoin and the overall crypto market.

Wall Street banking giant Goldman Sachs is very much on the verge of offering Bitcoin and crypto investment options for its wealth management clients, says the latest CNBC report on Wednesday, March 31st. Mary Rich, the global head of digital assets for Goldman’s private wealth management division told the publication.

Rich further stated that the banking giant will start offering investment options in the emerging asset class in Q2 2021. During an interview this week, Rich said:

We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near term”.

Besides, Goldman Sachs is not looking for any half-hearted entry in this segment. Rich said that the banking giant will offer a “full-spectrum” of investments in Bitcoin and other digital assets. “Whether that’s through the physical bitcoin, derivatives or traditional investment vehicles,” Rich added.

Rich added that there’s been a strong demand from the bank’s high-profile clients to get exposure to this asset class. The latest rally in Bitcoin and the overall crypto market has got institutional players attracted to it. On the other hand, the global macro conditions and fear of inflation have further fueled the rally in the crypto space. Rich said:

“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. 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.”

Goldman Sachs Will Compete with Morgan Stanley in Crypto Services Field

From denouncing Bitcoin and cryptocurrencies at one point in time to competing with each other in offering BTC services, Wall Street banks have come a long way. Goldman Sachs is not the only banking giant planning to offers digital asset investment options.

Earlier this month, Morgan Stanley also showed interest in offering its high-profile access to Bitcoin funds. The latest buzz in the market is that Morgan Stanley might also allow “Direct Ownership” for its wealthy clients.

Goldman’s wealth management business basically targets individuals, families and endowments having a minimum investment appetite of $25 million. It clearly shows that big money is all set to come to Bitcoin.

Goldman is also planning to offer its clients an option to invest in Bitcoin funds just Morgan Stanley. But Rich said that there are some crypto funds for e.g. Galaxy Bitcoin Fund that allows buying/selling only once per quarter. “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,” Rich said. “But I think it’s fairly safe to expect it will be part of our future.”

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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