Goldman Sachs delivered surprising news for many. The bank reportedly prepares to create the first investment products for Bitcoin (BTC) and other cryptocurrency assets. These are expected to appear on the market in the second quarter of 2021.
Goldman Sachs bets on BTC!
According CNBC, the bank plans to offer its clients a BTC-based product. At least initially, it will be available to people in the VIP group – the richest customers with at least $ 25 million to invest.
Mary Rich, the new head of digital assets for Goldman’s private wealth management division, says the bank is ultimately looking to offer a “full spectrum” investment in BTC and other cryptocurrencies.
– We work closely with teams across the company to explore ways to offer thoughtful and appropriate access to the ecosystem [kryptowalut] private sector clients and this is something we expect to offer in the near future – she admitted in an interview with the portal.
Those familiar with the case also reveal that the bank is now only waiting for the green light from regulators, including the US Securities and Exchange Commission (SEC) and the New York Department of Financial Services (NYSDFS). After that, the new product is to appear on the market.
Escape from inflation
Rich told CNBC that Goldman Sachs customers are looking for exposure to Bitcoin both as a hedge against inflation in these turbulent times and as an asset to profit from during the technological revolution.
Reports are surfacing right now, as fellow banking giant Morgan Stanley revealed in a filing to the SEC that 12 of its mutual funds may be indirectly investing in a leading cryptocurrency through cash-settled futures and through Grayscale. Rich says Goldman Sachs is looking to offer similar Bitcoin-related mutual funds.
– We are still in the early stages [rozwoju] this ecosystem; no one knows exactly how it will unfold or what shape it will be, but I think you can expect it to be part of our future – she added.