Goldman Sachs (GS) to Start Offering Bitcoin (BTC) and Other Cryptocurrencies in Q2: Report

March 31, 2021 8:32 AM EDT

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Goldman Sachs (NYSE: GS) is close to starting offering Bitcoin (BTC) and other digital assets to its institutional clients, CNBC reports today.

The first phase of the plan assumes offering investments in the digital asset class in the second quarter of this year.

Mary Rich, a global head of digital assets at Goldman’s wealth management division, confirmed these plans to CNBC. Rich, who is expected to assume a new role today, said that GS will offer a “full spectrum” of digital asset investments, “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles.”

″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,” Rich said this week in an interview.

“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 are 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,” Rich added.

This way, GS is following Morgan Stanley as the banking giant already informed its clients that they can invest in bitcoin funds starting in April.

“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 fairly safe to expect it will be part of our future,” Rich stressed.

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