04/2/21

Goldman Sachs will also open Bitcoin „soon“

Goldman Sachs will also open Bitcoin „soon“ for wealthy clients

The bitcoin price reacted to the big bank’s announcement by jumping back above the 58,000 US dollar mark.

Bitcoin (BTC) and some altcoins will soon be available to certain clients of major bank Goldman Sachs.

According to a related CNBC report on Wednesday, Mary Rich, the head of digital assets in the wealth management division at Goldman Sachs, has confirmed that Bitcoin Era cryptocurrencies will soon be added to the bank’s service offering.

Goldman to offer bitcoin ‚very soon‘

This will allow their wealthy clients to invest in certain cryptocurrencies as early as within the second quarter. This joins Goldman’s rival Morgan Stanley, which most recently opened up Bitcoin to wealthy clients.

„We are working very closely with various departments across our firm to create a neat and meaningful way for high net worth individuals to access the crypto market. We expect to be able to launch that very soon,“ Rich told CNBC.

It is likely that Morgan Stanley will start offering bitcoin as early as April, while Goldman will follow suit later in the second quarter. Both major banks could inject massive new capital into the crypto market.

The relevant interest is already there, as Rich confirms that increasing demand from clients is the driving force behind the move.

„There are some clients who want to use this investment product as a hedge against inflation, and the macroeconomic situation has been a major factor in that,“ she adds. To this Rich adds:

„In addition, there is a large group of clients who feel that we are on the cusp of the next evolutionary stage of the internet, so they are looking for a way to be part of that.“

Like many other major banks, Goldman has done a real about-face on Bitcoin this year. For example, the bank has gone from being a sceptic to a provider of the market-leading cryptocurrency. Even the US Federal Reserve is now taking a liking to the crypto market leader.

„Sooner or later, they will also offer Bitcoin to all other customers,“ as Morgan Creek Digital co-founder Anthony Pompliano predicts in reference to Goldman Sachs.

Bitcoin price thanks with upswing

The Bitcoin price seems to benefit from the good news. On Wednesday evening, it went back above the 58,000 US dollar mark, after initially showing a clear downturn during the day.

As Cointelegraph had reported, crypto experts are not very concerned about the current sideways movement, as the fundamentals paint a positive picture for the further price development, both in the long and short term.

The next major hurdles to be cleared in order to continue the record run are at 68,000 US dollars and 73,000 US dollars.