Goldman Sachs

Goldman Sachs to become Second Big Bank to join Bitcoin Stampede

Goldman Sachs

Soon after Morgan Stanley announced it will start offering bitcoin to it’s wealthy clients, Goldman Sachs will reportedly soon offer its private wealth management clients avenues to invest in bitcoin, telling CNBC this week that it’s looking to offer a “full spectrum” of cryptocurrency investments within the next few months. 

Nonetheless Goldman has yet to present which crypto investments it will support to begin with. Mary Rich, who is about to become the new global head of digital assets for Goldman Sach’s private wealth management division, said in an interview that the bank ultimately hopes to offer digital asset investments, including token themselves, in addition to derivatives and tradition investment vehicles. 

Goldman stated Rich will “leverage the firm’s capabilities to ensure [it] can meet client’s interest across digital asset classes and technologies.”

The advancement comes within weeks of Goldman reestablishing its cryptocurrency trading desk throughout bitcoin’s recent resurgence, delivering as a market-maker by buying and selling securities on behalf of clients but not actively managing cryptocurrencies itself. 

Currently at about $58,600, the price of bitcoin is up 3% over the past week and a astounding 810% higher than a year ago. 

 

Billionaire Investor George Soros’ Fund announces Bitcoin ‘Inflection Point’ Bet

As the extensive cryptocurrency market nears $2 Trillion, Dawn Fitzpatrick of Soros Fund Management exposed that the fund was invested in the crypto space. 

This month, the Management has invested in bitcoin financial services company NYDIG and crypto data provider Lukka. Stated by Fitzpatrick, “Something like bitcoin might have stayed a fringe asset but for the fact that we’ve increased money supply in the U.S. by 25%. There’s a real fear of basing of fiat currencies.”

Bitcoin’s grand recuperation, that’s taken it from under $10,000 per bitcoin this time last year to around $60,000 today, provokes fears that a wave of inflation could affect the U.S. dollar and other currencies. 

When asked if she owned any bitcoin, Fitzpatrick said “When you look at gold price action, in the context of a fairly robust inflation narrative of late, it’s struggled getting traction and I think that’s because bitcoin is taking some of its buyer base away.”

Despite that, she did warn that the bitcoin-inspired central bank digital currencies that are in expansion around the world could pose a “potential threat” to the endorsement of bitcoin and other cryptocurrencies.