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.
Original Source : cryptonews.com
Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.