Goldman Sachs is planning to offer Bitcoin investment services in the second quarter of 2021 after restarting its cryptocurrency trading desk earlier this month.
Comments from an interview with Mary Rich, the global head of digital assets in the bank’s private wealth management division, confirmed plans of the bank to offer digital assets to its investors.
Goldman will soon offer cryptocurrencies due to popular demand
The move will make Goldman the second-largest lender to open the world of cryptocurrency to its customers, and comes weeks after a pioneering move by Morgan Stanley.
″ We are working closely with teams across the company to explore ways to provide smart and appropriate ecosystem access to private customers, and this is something we hope to offer in the short term,” said Rich, quoted by CNBC.
Morgan Stanley is due to launch in April, Goldman’s at the end of the second quarter. Both banks have the potential to bring large amounts of new capital into the Bitcoin ecosystem through participation in funds focused on cryptocurrencies.
Continuing, Rich highlighted demand as a driving force behind Goldman’s decision.
“There is a contingent of customers who are looking at this asset as a hedge against inflation, and last year’s macro scenario certainly contributed to this. There is also a large contingent of customers who feel that we are starting a new Internet in some ways and are looking for ways to participate in that space,” she added.
Like many major banks, Goldman changed its tone towards Bitcoin this year, moving from a solid skeptic to embracing the phenomenon – visibly in contrast to central banks, including the United States Federal Reserve.
“Eventually, they will have to offer bitcoin services to everyone,” commented Morgan Creek Digital co-founder Anthony Pompliano.
Bitcoin surges above $58k
Bitcoin’s price action reacted warmly to the news, surpassing $58,000 once again after Wednesday produced a sudden crash of more than $2,000 in minutes.
However, analysts remain unconcerned about the lack of momentum, pointing to solid fundamentals and the need to shake up over-leveraged positions before rolling over to historic levels.
$68,000 and $73,000 are points of interest for a possible escape.
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