As another top U.S. investment bank makes a move to offer high-end wealth management clients access to bitcoin investment vehicles, the world of cryptocurrency is becoming even stronger.
Morgan Stanley Making a Statement
When the news hit two weeks ago that Morgan Stanley is exploring Bitcoin and will increase its focus on the cryptocurrency industry, the multi trillion dollar wealth management firm made a real statement.
CNBC reported that the reason behind the move is because of added pressure and higher demands from clients. However, Morgan Stanley won’t blow the crypto playing field completely wide open as they are carefully putting in a handful of restrictions. These include investment firms needing at least $5 million at the bank to qualify for the new stakes and limiting Bitcoin investments to 2.5% of their total net worth.
Goldman Sachs to Follow Suit
With Morgan Stanley leading the charge, Goldman Sachs just announced it will follow suit and open up its crypto services to private wealth management clients during Q2 this year. Because of the soaring prices catching the attention of wealthy investors, the U.S. investment bank will be going deeper into the cryptocurrency industry.
Being one of the leading investment banks in the world, these news aren’t exactly shocking and it’s great to see major banks taking a stand in regards to the future of cryptocurrency as it is clearly here to stay.
Will Explore All Options
Goldman Sachs plans on exploring all options for their service, including physical Bitcoin, derivatives and traditional investment vehicles.
Mary Rich, Global Head of Digital Assets for Goldman’s private wealth management division gave the following statement to CNBC.
“We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term. Goldman is looking at ultimately offering a full spectrum of investments in bitcoin and other cryptocurrency assets.”
Cryptocurrency Here to Stay According to Survey
The fact that several of the top tier investment banks are making moves like this was inevitable. A survey of nearly 3,400 institutional investors done by J.P Morgan, gave us an insight on the attitude of their investors and about 58% of the respondents stated that the cryptocurrency market is here to stay.
With Institutional money driving the recent jump in Bitcoin and other cryptocurrency assets now forcing big banks to take it even more seriously, we are very much looking forward to seeing the effects and what’s to come. Aren’t you?