Goldman Sachs (NYSE:GS) is planning to offer new cryptocurrency investment vehicles focused on Bitcoin and other digital assets to its private wealth clients.
The investment bank aims to begin offering investments in cryptocurrencies in the second quarter of this year. Goldman Sachs is looking to eventually offer a "full spectrum" of investments in Bitcoin and other digital assets, the bank said.
Soon clients of two of the world’s biggest investment banks, Goldman Sachs and Morgan Stanley (NYSE:MS), will have access to cryptocurrencies. Earlier in March, Morgan Stanley told its financial advisors that they could place clients into Bitcoin funds starting in April.
The move by Goldman Sachs is the latest sign of the staying power of blockchain-related assets such as Bitcoin, a new kind of money that emerged out of the 2008 financial crisis and whose exact origins remain unknown.
Until recently, U.S. banks have mostly shunned Bitcoin and other digital currencies, deeming them too speculative and volatile to offer to clients.
Goldman Sachs’ private wealth management business targets individuals, families and endowments with at least $25 million U.S. to invest.
