Goldman Sachs readying Bitcoin product for clients — BTC bounces above $58K

Bitcoin (BTC) and some altcoins will soon be available to Goldman Sachs clients, according to a new report from mainstream media.

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Comments Off on CNBC on March 31, from an interview with Mary Rich, the bank’s global head of private wealth management, confirm plans to offer crypto assets to investors.

Director of Goldman: Encrypted access in the near future

This would make Goldman the second major lender to open up the world of cryptocurrencies to its customers, just weeks after Morgan Stanley’s groundbreaking move.

We’re working closely with teams across the company to explore ways to provide retail customers with thoughtful and appropriate access to the ecosystem, and that’s what we want to offer in the near future,″ CNBC quoted Rich as saying.

Morgan Stanley is expected to launch in April and Goldman in the second quarter. Both banks have the opportunity to inject large amounts of new capital into the bitcoin ecosystem by participating in cryptocurrency-focused funds.

Moreover, Mr. Rich emphasized that it is the question that drives Goldman’s decision.

Part of the client base sees this investment as a hedge against inflation, and the macroeconomic environment of the past year has certainly played a role in this, she added.

There are also many customers who think we’re on the cusp of the new Internet and are looking for ways to participate in that space.

Like many big banks, Goldman has changed its mind about bitcoin this year, going from a strong skeptic to a supporter of the phenomenon, in stark contrast to central banks, particularly the Federal Reserve.

At some point, they will have to offer bitcoin services to everyone, said Anthony Pompliano, co-founder of Morgan Creek Digital.

BTC/USD gets an immediate boost aftercrash

The price of bitcoin reacted very positively to the news, crossing the $58,000 mark after falling more than $2,000 in a matter of minutes on Wednesday.

As Cointelegraph reports, analysts are not worried about the lack of momentum, pointing to strong fundamentals and the need to shake out excess positions before shredding them to all-time highs.

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$68,000 and $73,000 are attractive for a potential breakout.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

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