Goldman Sachs is a US-based investment banking company with yearly revenue of $44.56 billion last year. The bank handles the biggest funds and financial ventures in the world with numerous noteworthy institutional clients. Today, the bank became the center of attention in the crypto community as it announced opening crypto channels for its stakeholders. 

Mary Rich, global head of the digital assets at Goldman Sachs, told CNBC that the financial giant would be offering its private wealth management clients BTC investment opportunities. The accredited private wealth management clients with an asset volume of $25 million and higher could qualify. Rich told the media that the firm has been planning to introduce this feature ASAP and explore more options to make crypto a more viable investment option. 

Private and High-Net-Worth Investors Taking an Increasing Interest in Bitcoin

Goldman Sachs is not the first orthodox investment firm that is going on a crypto transition. Morgan Stanley has already made an announcement earlier this month that they are willing to give accredited clients exposure to Bitcoin. The $41 trillion asset management firm has set a precedent for crypto investment by being the first major bank to comply with digital assets. 

However, at the moment, the offer has opened up for only clients with notably aggressive risk tolerance and at least $2 million in assets. Morgan Stanley has put together three crypto-pegged funds to cater to the increasing clients’ demand for introducing more digital asset ventures. One of these three funds is supported by NYDIG, an NYC-based technology, and financial services firm dedicated to Bitcoin. 

Is BTC the new Term Added to the Asset Management and Fund Investment Dictionary?

Bitcoin has not only managed to remain the most secure and hack-free blockchain, but it is also a highly sought-after investment opportunity due to its limited supply. One after another, the financial institutions and investment banks are joining the crypto bull run, and the focal point is BTC. JP Morgan, BlackRock, and Charles Schwab have already endorsed the flagship cryptocurrency publically this year. 

Meanwhile, one of the biggest custodian banks in the world, BNY Mellon, has also made plans to redirect its behemoth institutional capital stream into BTC. The bank’s asset under management is valued at $41 trillion at present. Bank officials have issued a new mission statement to offer BTC and other cryptocurrencies to the asset manager in the same fashion as traditional holdings.