Goldman Sachs announced that nearly 50% of its high net worth family office clients are interested in entering the cryptocurrency market
A recent survey by Goldman Sachs has shown that almost half of family offices are interested in entering the cryptocurrency market. Family offices are investment advisors charged with managing the assets of the richest families in the world.
The investment bank is already expanding its presence in the cryptocurrency market and plans to continue growing over the next few years. Goldman Sachs surveyed its family office customers and found that 15% of them have already invested in cryptocurrencies.
Bloomberg’s report highlighted that more offices want exposure to cryptocurrencies. Goldman Sachs said 45% of its family office clients are looking to enter the market. These institutional investors cited numerous reasons such as higher inflation, persistently low interest rates and other macroeconomic developments after a year of unprecedented global monetary and fiscal stimulus as the main reasons they wanted to invest in cryptocurrencies.
In the past year, many institutional investors have entered the cryptocurrency market. These investors are now viewing Bitcoin and some other cryptocurrencies like Ether (ETH) as a hedge against inflation.
The interest of institutional investors has led investment banks such as Goldman Sachs, Morgan Stanley and Citigroup to expand their services. In March, CNBC reported that Goldman Sachs was preparing to offer its richest customers access to Bitcoin and other cryptos. Morgan Stanley has already started exposing its wealthy clients to digital currencies.
For its part, Goldman Sachs has started making Bitcoin derivatives trading easier for its customers. More traditional and investment banks are likely to enter the crypto market once more institutional investors show interest in cryptocurrencies.