Goldman Sachs is inching closer to offering its first investment offerings for bitcoin and other digital assets to clients of its private wealth management group.
According to Mary Rich, global head of digital assets for the bank’s private wealth management division, the banking giant is looking to offer a “full spectrum” of investments across crypto, “whether that’s through the physical Bitcoin, derivatives or traditional investment vehicles.”
She added that the bank’s clients have been eagerly waiting to get involved, saying some “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.”
The pandemic has undoubtedly had a hand in spurring global demand for alternative assets, she claimed, noting that: “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.”
Goldman Sachs joins a growing list of traditional finance giants who’ve either shown interest or, in the case of Morgan Stanley, are actively offering clients exposure to digital assets.
Rich also added: "We're still in the very nascent stages of this ecosystem and no one knows exactly how it will evolve or what shape it will be. But I think it's fairly safe to expect it will be part of our future."