Wall Street titan Goldman GS -1.3% Sachs is all in when it comes to allowing their wealth management clients to invest in Bitcoin and other digital assets, starting in the second quarter. Even though the digital currency remains highly volatile, Bitcoin’s price has skyrocketed, topping the $60,000 mark in mid-March and its coins in circulation are worth more than $1 trillion. Will Goldman Sachs’ cosign of Bitcoin investments for its wealth management clients increase confidence in other major financial institutions to do the same?
The Breakdown You Need To Know
The legitimacy bar for digital currencies has been raised now that Goldman Sachs is going to facilitate the investment in Bitcoin by its wealth management clients, according to CultureBanx. Its private wealth management division is catered towards the wealthiest of clients, those with a minimum of $25 million to invest and they want in on the Bitcoin action.
“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,” said Mary Rich, who is slated to become the new global head of digital assets for Goldman Sachs private wealth management division.
