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 with CNBC Wednesday that Goldman will begin offering cryptocurrencies to investors sometime in the next three months. Goldman will announce Rich’s new position Wednesday, according to an internal company memo shared with CNN.
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“In this newly-created role, she will work closely with advisors to educate clients about blockchain technology and the digital assets ecosystem, and seek to deliver content, investment offerings and services,” the memo said.
Goldman Sachs (GS) is looking at a wide spectrum of investments, ranging from “physical bitcoin, derivatives or traditional investment vehicles,” Rich said in the CNBC interview.
The private wealth management division is catered toward the wealthiest — those with a minimum of $25 million to invest. Rich said this decision by the bank was driven by what consumers demanded. Bitcoin’s price has skyrocketed, topping the $60,000 mark in mid-March. Bitcoins in circulation are worth more than $1 trillion.
“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop