US investment banking giant Goldman Sachs reportedly aims to offer its first investment vehicles for bitcoin (BTC) and other unspecified digital assets to clients of its private wealth management group in the second quarter.
The bank is looking at ultimately offering a “full spectrum” of crypto investments “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles,” CNBC reported, citing Mary Rich, a new global head of digital assets for Goldman’s private wealth management division.
According to her, some of the clients are considering this cryptoasset to be a hedge against inflation, and the macro backdrop, while 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.”
As reported earlier in March, Goldman said it sees rising demand for BTC not only among institutional investors, but also in the private wealth management industry.
“I think it’s pretty fair to say that all of our institutional client discussion is really focused around bitcoin. Where the questions are not really, ‘What is it,’ thankfully. It’s more about how can we get exposure, what are the instruments we can transact, and what is Goldman offering today,” Mathew McDermott, Head of Digital Assets for Goldman Sachs’ Global Markets Division, said back then.
Also as reported, Goldman Sachs is restarting its cryptocurrency trading desk and begins dealing BTC futures and non-deliverable forwards for their clients.
At 13:14 UTC, BTC trades at USD 58,129 and is down by 1.4% in a day, trimming its weekly gains to 6.5%. The price is up by 29% in a month and 808% in a year.
“The bigger tailwind right now is the adoption story,” says @novogratz on factors driving up #bitcoin. “Both the te… https://t.co/0thQwRu9ff
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Learn more:
– ‘Time To Get Educated’: Morgan Stanley Brings BTC Funds To Rich Clients
– JPMorgan to Offer ‘Crypto Exposure Basket’, but Criticized as Not ‘Crypto’
– Germany’s Biggest Bank Talked the Talk, Now it Walks the Crypto Walk
– Next 2-3 Years ‘Should Be a Turning Point for Bitcoin’ – Deutsche Bank
– Early Investors Hodl Post-Tesla-Bitcoin Buy As Analysts Debate Hedge ‘Myth’
– Institutions & Retail Compete For Bitcoin – Whose Hands Are Stronger?
– Bitcoin to Be Worth Millions by 2023, ETH Above USD 2K by 2022 – Kraken CEO
– Why You Should and Shouldn’t Care About Goldman Sachs’ Report on Bitcoin
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(Updated at 13:17 UTC with the market data. Updated at 13:23 UTC with a video.)
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