Goldman Sachs plans to let wealthy clients invest in Bitcoin

The investment bank will offer exposure through tokens, derivatives, and more-traditional financial vehicles.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Goldman Sachs Group Inc (NYSE: GS) plans to follow several of its Wall Street peers and soon begin offering exposure to digital assets like Bitcoin (CRYPTO: BTC) to its private-wealth clients, CNBC reported this morning.

The investment bank said it will offer a wide array of investments in digital assets directly through tokens, derivatives, or more traditional financial vehicles.

"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," Mary Rich, Goldman's global head of digital assets, told CNBC.

Rich added, "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."

She said Goldman could begin offering these new investment options within the next three months.

Goldman is just the latest large Wall Street bank to begin offering services for Bitcoin and other digital assets. Earlier in March, Morgan Stanley (NYSE: MS) said it would allow its wealthy clients to invest in three funds that would essentially give them ownership of Bitcoin.

In February, the custodian firm Bank of New York Mellon Corp (NYSE: BK) said it would soon begin to "hold, transfer, and issue" digital assets in the same way it does with stocks or bonds.

This growing adoption among some of the oldest and most storied Wall Street banks continues to support the further integration of digital assets into the traditional financial system.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Bram Berkowitz owns shares of Bitcoin. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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