Goldman Sachs will allow bitcoin investments applicable to its own wealth management clients.
Goldman Sachs Group Inc, the latest top-tier firm to enter the cryptocurrency space, plans to attract bitcoin as well as other online platforms to all its wealth management customers effective in the second half.
Tesla Inc, BNY Mellon Corp, even Square Inc have finally announced that they too are relying on bitcoin as the cryptocurrency’s adoption for managing transactions and holdings advances.
Goldman’s move, which first stated by CNBC on Wednesday, came barely moments following competitor Morgan Stanley began selling clients investments throughout the new asset class.
It’s the recent proof that blockchain-related assets, like bitcoin, are in it to stay. Bitcoin is a modern store of value that developed in the aftermath of the 2008 financial crisis, though its actual sources are undisclosed. Until now, large US banks have carefully eliminated bitcoin, considering it being too risky or uncertain for their customers. However, following the latest price rise in bitcoin, its market has yielded.
As per CNBC, Goldman will consider selling cryptocurrency-related digital currency investments, which will include actual bitcoin, securities, and standard alternative investments. The details of the study, which listed a conversation with Mary Rich, the global head of digital assets for Goldman Sachs group private wealth management group, are reported by a spokesman for the bank.
The increasing trend in bitcoins highlights Tesla’s revelation in February that it had purchased $1.5 billion into bitcoins, helping the cryptocurrency set a new milestone and break $1 trillion in market cap for the very first time.
The market is extremely volatile at present for digital currencies but the growth is increasing with mass adoption.