Goldman Sachs will soon offer some of its richest clients exposure to Bitcoin and other cryptocurrencies, reports CNBC.
Goldman’s new global head of digital assets Mary Rich told CNBC the bank wants to offer a “full spectrum” of Bitcoin and digital asset investments ranging from raw Bitcoin to crypto derivatives.
The bank is reportedly looking to start offering those investments to its private wealth management group in this year’s second quarter — which starts this week. Group members generally have at least $25 million to invest.
Speaking to CNBC, 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,” she added.
While the move solidifies Goldman Sachs’ complete 180 on Bitcoin, the bank isn’t the only Wall Street bigwig to offer its richest clients exposure to Bitcoin.
As noted by CNBC, Morgan Stanley — the bigger of the two banks — is set to offer a number of Bitcoin funds to similarly well-off investors starting in April.