Global Head of Digital Assets at Goldman Sachs, said the bank will offer bitcoin-based investment products to its largest clients and stated that the goal is to offer investments in the emerging digital asset class starting this quarter.
Mary Rich stated that, “We are working closely with teams across the company to explore ways to provide thoughtful and appropriate access to the ecosystem for larger customers and that is something we hope to deliver in the near term.”
This announcement adds to the communication that Goldman Sachs made last month, which indicated that it would restart its crypto currency trading desk, offering derivative-based Bitcoin futures to its institutional clients.
In a survey conducted by the Global Markets Division of Goldman Sachs, it was found that more than 40% of its clients already had exposure to crypto currencies.
“There is a contingent of clients who are looking at this asset as a hedge against inflation, and the macro context over the past year has certainly played a role,” Mary Rich said.
Even for older and more conservative clients, Bitcoin has become a more attractive investment than gold; the digital asset has appreciated almost 600% in 2021, while the precious metal has lost 11% in this quarter alone.