Leading global investment bank, Goldman Sachs, has revealed that it is looking to give its clients the opportunity to invest in Bitcoin and other cryptocurrencies.
In a recent interview with CNBC, Mary Catherine Rich, recently appointed global head of digital assets for Goldman Sachs' private wealth management division, revealed that the multinational investment bank plans to offer investments in bitcoin and other cryptocurrencies to its high net worth clients, And that in the second quarter of this year.
Rich also indicated, in her interview with CNBC, that this move was greatly affected and was a result of customer requests.
She added:
There is a group of clients who look to this as a hedge against inflation.
It is not surprising to see the economic events of the past few years that have exposed the shortcomings of fiat currencies regulated by central authorities.
Goldman Sachs' attitude towards Bitcoin has changed:
On the other hand, what came as a surprise to the financial community was Goldman Sachs' shift in its attitude toward bitcoin after 2020 and other cryptocurrencies, and its growing interest in digital currencies.
Goldman Sachs is a leading global investment bank headquartered in New York with $2.1 trillion in assets under management as reported in 2020.
In 2020, the giant Wall Street company published a report in which it explicitly stated that it does not recognize cryptocurrencies as a type of asset.
Since then, Goldman Sachs' position and outlook on Bitcoin and cryptocurrency in general have changed.
The bank restarted its cryptocurrency trading desk early last year amid a growing institutional interest in bitcoin.
In mid-2021, Goldman Sachs partnered with crypto investment firm Galaxy Digital to begin trading bitcoin futures.
This year, Goldman Sachs analysts assumed that Bitcoin would rival gold as a store of value in 2022.
The crypto community welcomes the growth and change in perception from the investment bank regarding its perspective on Bitcoin and other cryptocurrencies, and this will undoubtedly affect the expectations of other financial giants greatly when it comes to digital assets.