Goldman Sachs Also Sells Bitcoin Investment Products

[Asia Economy Reporter Yujin Cho] Following Morgan Stanley, global investment bank (IB) Goldman Sachs is launching a product that allows high-net-worth individuals to invest in Bitcoin.

Mary Rich, appointed as the head of digital assets in Goldman Sachs' personal wealth management division, stated in an interview with CNBC on the 31st (local time), "We are discussing ways to offer virtual assets to personal wealth management clients in the near future."

She added, "Ultimately, we aim to provide an investment spectrum in virtual assets like Bitcoin, either through direct investment in Bitcoin spot, derivatives, or traditional indirect investment products." Goldman Sachs is targeting to launch the product as early as the second quarter and is currently undergoing approval procedures with regulatory authorities such as the Securities and Exchange Commission (SEC).

Rich said, "There are investors interested in virtual assets as a hedge against inflation," and "In some ways, we believe we are at the starting point of a new internet era, and there are clients who want to participate." Goldman Sachs plans to market the product to high-net-worth individuals, considering Bitcoin's volatility.

Earlier, Morgan Stanley announced it would be the first Wall Street financial firm to launch a Bitcoin fund. Morgan Stanley stated that this move is in response to clients' demands to increase exposure to cryptocurrencies and plans to start sales as early as this month.

Mike Novogratz, founder and CEO of U.S. cryptocurrency investment firm Galaxy Digital, said, "A year ago, Bitcoin's market capitalization and trading volume were not large enough for major financial firms to participate, but the situation has changed now," adding, "The expansion of Bitcoin's ecosystem is progressing faster than expected."

On the other hand, other Wall Street investment banks such as JP Morgan and Bank of America (BofA) do not allow Bitcoin investments. BofA holds the view that Bitcoin is merely a speculative asset and that it is inappropriate to include it in portfolios since a small number of holders possess 95% of Bitcoin.

This content was produced with the assistance of AI translation services.