Until recently, most traditional banks and Wall Street institutions have largely criticized Bitcoin, calling it different names like “unreliable”, “too volatile” etc. However, most are now striving for the wider adoption of blockchain technology by expanding their crypto services. One of those institutions, Goldman Sachs, a leading global investment bank, has now revealed that it is considering launching a Bitcoin investment vehicle before mid-2021.
Per a CNBC report, Goldman Sachs has decided to offer its opulent clients full exposure to investment vehicles in the coming months. This was made public by Mary Rich, the new global head of digital assets for the private wealth management division. This makes the firm the second big bank to propose Bitcoin offering to its wealthy clients.
Mary said that her role will cover the education of clients on blockchain technology and delivering investment offering and services. The investment offering could be physical Bitcoin, derivatives or traditional investments, she reveals.
Goldman Sachs Investment Vehicle Targeted at top Clients
Goldman Sachs’ announcement comes a couple of weeks after Morgan Stanley also said that it would allow its top clients to access Bitcoin. The move from these banks reveals an obvious fact that the adoption of Bitcoin and blockchain is going to grow even wider.
Since the year started the crypto market has witnessed a boom in the number of institutional adopting and investments in the flagship cryptocurrency. This caused the price of Bitcoin to soar within few months and even attracted more institutional investors. This is interesting, especially considering that 6 months ago, Bitcoin was only trading for about a fifth of its value today.
Mary hinted that the private wealth management service is due to the growing interest of some of their top clients. She continued that the program is targeted at families, and individuals, endowment funds with not less than $25 million to invest.