Crypto investments will be open to Goldman Sachs investors sometime in the second quarter, according to statements from an incoming senior executive cited by CNBC.
According to a recent media study, Goldman Sachs clients will shortly be able to buy Bitcoin (BTC) and other altcoins.
Comments from an interview with Mary Rich, global head of digital assets for the bank’s private wealth management division, released by CNBC on Wednesday, revealed the bank’s plans to deliver crypto assets to investors.
Goldman would become the second big lender to open up the field of blockchain to its customers, following Morgan Stanley’s groundbreaking leap.
″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term,” CNBC quoted Rich as saying.
Morgan Stanley’s release is set to begin in April, followed by Goldman’s later in the second quarter. Both banks have the ability to inject significant sums of fresh money into the Bitcoin economy through investing in crypto-focused funds.
Rich went on to say the demand was a guiding factor in Goldman’s decision.
“A contingent of clients are looking at this commodity as a buffer against inflation, and the macro context over the last year has definitely played a part in that,” she said.
“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.”
Goldman, like many other major banks, has changed its tune on Bitcoin this year, transitioning from a staunch sceptic to an enthusiastic supporter, in stark contrast to central banks such as the United States Federal Reserve.
“Eventually they will have to offer bitcoin services to everyone,” Morgan Creek Digital co-founder Anthony Pompliano commented.
BTC/USD gets instant boost after crash
Bitcoin price action reacted warmly to the news, passing $58,000 once more after Wednesday produced a flash crash of more than $2,000 in mere minutes.
Analysts are less worried about the loss of traction, citing stable fundamentals and the need to shake out overleveraged positions before resuming the march towards all-time highs.
The price ranges of $68,000 and $73,000 are of special concern for a possible breakout.
294 Interactions, 2 today