Goldman Sachs Says Rich Clients are Heading to Crypto
More than half of the family offices the bank does business with want to invest in cryptocurrencies or are already invested. Shutterstock Covered by VIS Fine Art Don't miss any moving market news Get daily crypto reports and weekly crypto market reports Bitcoin straight to your inbox . Up The Etoro Trending News Flare to Airdrop Canary Network Token to XRP Holders Business 1 day ago Coinbase sued SIMETRI Research over Dogecoin "Deceptive" campaign, sponsored on July 18, 2021Theinvestment bank Goldman Sachs reported on the results of a survey of partner family offices and found that more than half of all respondents had already invested in or were interested in cryptocurrencies. Families are increasingly looking to invest in cryptocurrencies. According to Bloomberg News, Goldman Sachs surveyed their affiliated family offices and found that 15% of companies have already invested in digital assets, and another 45% said they were interested in investing in cryptocurrencies. The Goldman survey included responses from more than 150customersaroundthe world. Of the offices with which the bank operates, 22% managed assets totaling $5 billion or more and 45% managed assets between $1 billion and $4.9 billion. "Higher inflation, persistently low interest rates and other macroeconomic developments" were the main characteristics Meena Flynn, Co-Director of Private Wealth Management at Goldman Sachs, commented on family offices' interest in crypto assets: “There are many who believe that this technology will be as effective as the Internet from an efficiency and productivity perspective. The interest in family offices digital assets is part of a broader trend of large investments aimed at investing in cryptocurrencies. Goldman Sachs has reopened its crypto trading desk due to renewed interest in the institutions' crypto and derivatives. Since then, the bank has released several bullish reports outlining the potential of cryptocurrencies, specifically mentioning Ethereum as the "greatest potential for actual use". Investment banks are also bullish on the long-term outlook for cryptocurrencies. A JPMorgan analyst said in April that through increased institutional investment, Bitcoin could hit the bank's target price of $130,000.