Goldman Sachs To Announce Wealth Management Clients Can Invest In Bitcoin, Digital Assets, Memo Says

A top exec from one of the world’s largest investment banks is set to announce a proposal in an internal memo, US media reported on Wednesday.

US multinational investment bank Goldman Sachs could soon offer investment vehicles for Bitcoin and other digital assets, CNBC reported on Wednesday.

The digital assets will be offered to clients in the second quarter, Mary Rich, global head of digital assets to Goldman Sach’s private wealth management division said in a memo as seen by CNBC.

Goldman plans to offer a “full spectrum” of investment in digital assets, including bitcoin, “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles,” Rich added as quoted by CNBC.

The comments reveal that Goldman and rival investment bank Morgan Stanley will soon offer the new asset class to clients, with the latter stating it may launch plans in April, CNBC wrote.

The news comes amid increasing speculation about the cryptocurrency, with many US banks and Washington warning the blockchain-based currency was too speculative and volatile for investment.

The funds would target individuals and groups with at least $25m to invest in the assets, and Goldman could potentially offer investment funds and other investment instruments “more akin to the underlying asset class which trades 24-7 globally,” she said.

Bitcoin has skyrocketed in value in recent months, with one coin being worth $58,076 USD.

Reuters reported in early March Goldman Sachs had restarted its trading desk for cryptocurrencies, including bitcoin futures and non-deliverable forwards, citing people familiar with the matter.

Sourse: sputniknews.com