Goldman Sachs reportedly jumps on the bitcoin bandwagon
March 31, 2021. Summarized by summa-bot.
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Goldman Sachs will reportedly soon offer its private wealth management clients avenues to invest in bitcoin and other digital currencies.
New York (CNN Business)Goldman Sachs will reportedly soon offer its private wealth management clients avenues to invest in bitcoin and other digital currencies.
Mary Rich, who is about to become the new global head of digital assets for Goldman Sach's private wealth management division, said in an interview with CNBC Wednesday that Goldman will begin offering cryptocurrencies to investors sometime in the next three months.
Goldman will announce Rich's new position Wednesday, according to an internal company memo shared with CNN.
"In this newly-created role, she will work closely with advisors to educate clients about blockchain technology and the digital assets ecosystem, and seek to deliver content, investment offerings and services," the memo said.
Goldman Sachs (GS) is looking at a wide spectrum of investments, ranging from "physical bitcoin, derivatives or traditional investment vehicles," Rich said in the CNBC interview.
"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," Rich said.
CNBC reported earlier in March that Goldman's rival Morgan Stanley will offer its wealthy clients access to bitcoin funds, the first major US bank to do so.
Tesla (TSLA) is now accepting bitcoin as payment, and disclosed it had purchased $1. 5 billion in the cryptocurrency as part of its cash holdings.
Meanwhile, Uber (UBER) and Mastercard (MA) also said they plan to start accepting bitcoin.
As more financial institutions invest in bitcoin, more companies are expected to join.