Goldman Sachs To Provide Bitcoin Service To Private Clients

 

Goldman Sachs Private Wealth Management will begin providing Bitcoin services to its customers from the second quarter of the year. It was announced that the bank was evaluating several different options, including ‘physical, derivative and traditional instruments’.

Goldman Sachs, which reopened its cryptocurrency trading desk this year, will give its clients, under the umbrella of Private Wealth Management, the opportunity to invest in Bitcoin. Mary Rich, global manager of Private Wealth Management, announced that Bitcoin Instruments could be ready in the second half of the year.

Seen as " hedging against inflation” 

Mary Rich said investors who use Bitcoin for the purpose of hedging against inflation are proliferating. According to CNBC, Goldman Sachs will meet the demand of its customers who want to enter the world of cryptocurrencies with its Private Wealth Management Unit.

Opening an account at Goldman Sachs Private Wealth Management requires at least $ 10 million in capital. PWM provides services to high-income families and corporate accounts.

Can be done 24 hours a day, 7 days

It has not yet been decided what Bitcoin instrument Goldman Sachs customers might invest in. In addition to investing in Bitcoin funds, the bank is considering the idea of offering an instrument that cryptocurrency investors are used to, “which can be bought and sold 24/7.” Here's what Rich said about the future of cryptocurrencies:

"The cryptocurrency ecosystem is still in the early stages of its development. No one knows how this ecosystem will evolve, how it will take shape. But we can say that cryptocurrencies will be part of the future.”