Goldman Sachs Group Inc. will soon be offering bitcoin and other digital assets investments to its clients of asset management division.
As per the news, Goldman is working with its teams across the regions to to ensure appropriate access for its clients to the Cryptocurrency ecosystem for private customers.
As per the Business Tribune,Wall Street banks have largely avoided cryptocurrencies. Although Bitcoin is over 11 years old, you can actually buy very little and volatility is a huge risk. Three years ago, Goldman hired a cryptocurrency trader to help lead the digital asset market with the goal of introducing cryptocurrencies to company people and customers, but the company recently downplayed the value of bitcoin as an asset class. .
Bitcoin’s surge in recent months has sparked renewed interest from wealthy investors. During the cryptocurrency boom in 2017, they mostly stayed on the sidelines. Many people compare cryptocurrency to tulipomania. Warren Buffett called Bitcoin a “mirage” and Jimmy Dimon, CEO of JPMorgan Chase & Co, called it a “scam.”
JPMorgan revealed that retail investors bought more than 187,000 bitcoins this quarter in mid-March, up from nearly 205,000 in the last quarter. During this period, institutions bought around 173,000 of the world’s largest cryptocurrencies, up from 307,000 in the last three months of 2020.