Goldman Sachs set to offer crypto investment services to high-net-worth clients

Global head of digital assets for Goldman Sachs' private wealth management division, Mary Catherine Rich, announced in an interview with CNBC that the financial service provider is gearing up to launch crypto investment services for its high-net-worth clients.

Last week, the investment bank also announced it would be rolling out over-the-counter Bitcoin options. This came as a surprise to many as the bank had previously expressed its negative stance on cryptocurrencies.

In 2020, the investment bank had released a 45-page long report, “US Economic Outlook & Implications of Current Policies for Inflation, Gold and Bitcoin”. The report claimed that despite their widespread use, cryptocurrencies are “not a type of asset." According to Goldman analysts, cryptocurrencies "do not generate cash flow in the same way that bonds do" and do not profit from "exposure to global economic development."

Interestingly, the other leading financial service provider Morgan Stanley also had similar views about crypto but has now warmed up to crypto and Web3.  Morgan Stanley became the first bank to open its branch in Decentraland Metaverse.

The adoption of cryptocurrencies and digital assets by giants like Goldman Sachs and Morgan Stanley has pushed wider adoption of cryptocurrencies and is one of the reasons that caused the recent bull run.

It would be interesting to see how the interest of institutional investors in crypto and other digital assets pans out in the near future.

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