Source: Goldman Sachs
It is the latest sign of the staying power of blockchain-related assets including bitcoin, a new kind of money that emerged out of the wreckage of the 2008 financial crisis and whose exact origins are still unknown. Until now, big U.S. banks have mostly shunned bitcoin, deeming it too speculative and volatile for clients.after the latest boom in bitcoin's price.
"There's a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that," Rich said. "There are also a large contingent of clients who feel like we're sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space."
Goldman's private wealth management business mostly targets individuals, families and endowments with at least $25 million to invest. The bank may offer bitcoin investment funds, similar to those that Morgan Stanley will have, as well as other ways to invest that are "more akin to the underlying asset class which trades 24-7 globally," Rich said. Some cryptofunds, such as the Galaxy Bitcoin Fund, can only be sold or bought once"We're still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be," Rich said.
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