Financial giant Goldman Sachs says it’s looking into potentially allowing its richest customers to invest in cryptocurrencies and crypto-related products within the next few months. The news comes after the firm says crypto demand from clients has reached an all-time high.
Goldman Sachs Opens Its Doors to Crypto
Mary Rich – global head of digital assets – says the bank is looking to permit crypto investing beginning in the second quarter of 2021. In an interview with CNBC, she comments:
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.
As bitcoin is trading at just shy of $60,000 per unit, it has become quite clear that the world is ready to take on what the number one digital currency by market cap has to offer. Many companies, such as PayPal and Tesla, are now permitting cryptocurrency payments for goods and services, something that has rarely been witnessed in the past, and this is just more proof that digital assets – as their prices expand – are delving further into mainstream territory.
But the news is even more impressive in the sense that Goldman Sachs hasn’t always been kind to bitcoin, nor has it always taken the digital asset seriously. Last May, for example, the financial firm took a lot of backlash after hosting a seminar regarding the benefits of alternative investment products. The seminar barely discussed bitcoin and cryptocurrencies at all, and when BTC was brought up, it was bashed, and hosts said that the cryptocurrency was “not an asset class.”
The fact is that many banks have, up until this point, turned their backs on bitcoin and its altcoin cousins, citing their volatility and speculative natures as dangerous and risky, but that hasn’t stopped people from wanting to get their fingers on them. We are now seemingly entering an age where banks are being forced to give in and accept crypto as a lasting product that’s going to have a major impact on the financial spectrum. Several banks have even been given a greenlight to offer crypto custody services.
Crypto Is Part of the Future
Continuing her interview, Rich further stated:
There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that. There is 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… We’re still in the very nascent stages of this ecosystem. No one knows exactly how it will evolve or what shape it will be, but I think it’s somewhat safe to expect it will be part of our future.