Goldman Sachs reportedly jumps on the bitcoin bandwagon

Goldman Sachs reportedly jumps on the bitcoin bandwagon

Goldman Sachs reportedly jumps on the bitcoin bandwagonBy Ramishah Maruf, CNN BusinessUpdated 1609 GMT (0009 HKT) March 31, 2021 ‘use strict’;CNN.Videx = CNN.Videx || {};CNN.Videx.mobile = {};CNN.INJECTOR.executeFeature(‘video’).then(function () {CNN.VideoPlayer.handleUnmutePlayer = function handleUnmutePlayer(containerId, dataObj) {‘use strict’;var playerInstance,playerPropertyObj,rememberTime,unmuteCTA,unmuteIdSelector = ‘unmute_’ + containerId,isPlayerMute;dataObj = dataObj || {};if (CNN.VideoPlayer.getLibraryName(containerId) === ‘fave’) {playerInstance = FAVE.player.getInstance(containerId) || null;} else {playerInstance = containerId && window.cnnVideoManager.getPlayerByContainer(containerId).videoInstance.cvp || null;}isPlayerMute = (typeof dataObj.muted === ‘boolean’) ? dataObj.muted : false;if (CNN.VideoPlayer.playerProperties && CNN.VideoPlayer.playerProperties[containerId]) {playerPropertyObj = CNN.VideoPlayer.playerProperties[containerId];}if (playerPropertyObj.mute && playerPropertyObj.contentPlayed) {if (isPlayerMute === false) {unmuteCTA = jQuery(document.getElementById(unmuteIdSelector));playerInstance.unmute();if (unmuteCTA.length > 0) {unmuteCTA.removeClass(‘video__unmute–active’).addClass(‘video__unmute–inactive’);unmuteCTA.off(‘click’);rememberTime = 0;if (rememberTime 0) {$vidEndSlate.find(‘.l-container’).html(‘ ‘);$vidEndSlate.removeClass(‘video__end-slate–inactive’).addClass(‘video__end-slate–active’);}};CNN.autoPlayVideoExist = (CNN.autoPlayVideoExist === true) ? 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CNN’s Clare Sebastian reports. “,”descriptionText”:”Major global banks could be hit with billions of dollars in losses after US investment firm Archegos Capital was forced to dump shares last week when it got into financial trouble. CNN’s Clare Sebastian reports. “},{“title”:”Intel CEO: We’re ready to go bigger and faster”,”duration”:”03:31″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/25/intel-ceo-semiconductors-chips-us.cnnbusiness/index.xml”,”videoId”:”business/2021/03/25/intel-ceo-semiconductors-chips-us.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210325125135-pat-gelsinger-intel-ceo-large-169.jpeg”,”videoUrl”:”/videos/business/2021/03/25/intel-ceo-semiconductors-chips-us.cnnbusiness/video/playlists/business-markets-investing/”,”description”:”Intel will invest $20 billion in two new US chipmaking facilities. 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CEO Pat Gelsinger says “we’re putting our chips on the table” and says governments are stepping forward to support their efforts. “},{“title”:”Slack CEO: We made an ‘unforced error’ in DM roll out”,”duration”:”03:19″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/25/slack-ceo-connect-direct-message.cnnbusiness/index.xml”,”videoId”:”business/2021/03/25/slack-ceo-connect-direct-message.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210325110326-stewart-butterfield-slack-ceo-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/25/slack-ceo-connect-direct-message.cnnbusiness/video/playlists/business-markets-investing/”,”description”:”Stewart Butterfield, CEO of Slack, addresses confusion over a feature that lets users direct message with people outside their organization.”,”descriptionText”:”Stewart Butterfield, CEO of Slack, addresses confusion over a feature that lets users direct message with people outside their organization.”},{“title”:”Watch Elizabeth Warren grill Janet Yellen about risks to US financial system”,”duration”:”02:57″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business/”,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/24/elizabeth-warren-janet-yellen-blackrock-orig.cnn-business/index.xml”,”videoId”:”business/2021/03/24/elizabeth-warren-janet-yellen-blackrock-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210324143936-warren-yellen-split-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/24/elizabeth-warren-janet-yellen-blackrock-orig.cnn-business/video/playlists/business-markets-investing/”,”description”:”Senator Elizabeth Warren questioned Treasury Secretary Janet Yellen over why the Biden administration hasn’t placed more oversight on huge asset management firms like BlackRock.”,”descriptionText”:”Senator Elizabeth Warren questioned Treasury Secretary Janet Yellen over why the Biden administration hasn’t placed more oversight on huge asset management firms like BlackRock.”},{“title”:”Tech stocks have taken a hit. Here’s why that could be a buying opportunity”,”duration”:”02:08″,”sourceName”:”CNN Business”,”sourceLink”:”https://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/24/tech-stock-investing-lo-toney-orig.cnn-business/index.xml”,”videoId”:”business/2021/03/24/tech-stock-investing-lo-toney-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210324134918-tech-stock-investing-lo-toney-orig-00001730-large-169.png”,”videoUrl”:”/videos/business/2021/03/24/tech-stock-investing-lo-toney-orig.cnn-business/video/playlists/business-markets-investing/”,”description”:”As the Nasdaq trades lower, Lo Toney, founding managing partner at Plexo Capital, explains why he’s still bullish on tech shares.”,”descriptionText”:”As the Nasdaq trades lower, Lo Toney, founding managing partner at Plexo Capital, explains why he’s still bullish on tech shares.”},{“title”:”Why you should book your summer vacation now”,”duration”:”01:16″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/17/glenn-fogel-priceline-travel-markets-now.cnn-business/index.xml”,”videoId”:”business/2021/03/17/glenn-fogel-priceline-travel-markets-now.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210313093346-tourists-cyprus-1-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/17/glenn-fogel-priceline-travel-markets-now.cnn-business/video/playlists/business-markets-investing/”,”description”:”As worldwide travel slowly returns to pre-pandemic levels, Glenn Fogel, CEO of Booking Holdings, tells vacationers to beat the rush and book their summer vacations now.”,”descriptionText”:”As worldwide travel slowly returns to pre-pandemic levels, Glenn Fogel, CEO of Booking Holdings, tells vacationers to beat the rush and book their summer vacations now.”},{“title”:”‘We need something now:’ Strategist explains importance of stimulus deal”,”duration”:”03:12″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business/”,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/10/greg-valliere-stimulus-bill-markets-now.cnn-business/index.xml”,”videoId”:”business/2021/03/10/greg-valliere-stimulus-bill-markets-now.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210208160121-joe-biden-210205-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/10/greg-valliere-stimulus-bill-markets-now.cnn-business/video/playlists/business-markets-investing/”,”description”:”Greg Valliere, chief U.S. policy strategist at AGF Investments, explains why the $1.9 trillion stimulus bill would the most dramatic increase in social spending since Lyndon Johnson’s Great Society, and what that means for inflation.”,”descriptionText”:”Greg Valliere, chief U.S. policy strategist at AGF Investments, explains why the $1.9 trillion stimulus bill would the most dramatic increase in social spending since Lyndon Johnson’s Great Society, and what that means for inflation.”},{“title”:”Stocks surge as Tesla and tech shares rebound”,”duration”:”02:16″,”sourceName”:”CNNBusiness”,”sourceLink”:”cnnbusiness.com”,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/09/tesla-tech-stock-market-qmb.cnnbusiness/index.xml”,”videoId”:”business/2021/03/09/tesla-tech-stock-market-qmb.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201022073117-01-tesla-dealership-file-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/09/tesla-tech-stock-market-qmb.cnnbusiness/video/playlists/business-markets-investing/”,”description”:”As Tesla shares have climbed, tech stocks have rebounded and led a rally on Wall Street.u003ca href=”https://www.cnn.com/profiles/paul-r-la-monica-profile” target=”_blank”> CNN’s Paul R. La Monicu003c/a>a reports. “,”descriptionText”:”As Tesla shares have climbed, tech stocks have rebounded and led a rally on Wall Street.u003ca href=”https://www.cnn.com/profiles/paul-r-la-monica-profile” target=”_blank”> CNN’s Paul R. La Monicu003c/a>a reports. “},{“title”:”Scaramucci blasts Republicans for not supporting Biden’s rescue plan”,”duration”:”03:07″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/08/scaramucci-biden-stimulus-republicans-matt-egan-zw-orig.cnn-business/index.xml”,”videoId”:”business/2021/03/08/scaramucci-biden-stimulus-republicans-matt-egan-zw-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210114205836-anthony-scaramucci-ac360-011421-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/08/scaramucci-biden-stimulus-republicans-matt-egan-zw-orig.cnn-business/video/playlists/business-markets-investing/”,”description”:”Anthony Scaramucci sat down with CNN Business’ Matt Egan to discuss President Biden’s $1.9 trillion rescue plan and offer his advice on how to invest in Bitcoin.”,”descriptionText”:”Anthony Scaramucci sat down with CNN Business’ Matt Egan to discuss President Biden’s $1.9 trillion rescue plan and offer his advice on how to invest in Bitcoin.”},{“title”:”Recovery stocks surge as investors welcome stimulus news “,”duration”:”03:35″,”sourceName”:”CNNBusiness”,”sourceLink”:”cnnbusiness.com”,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/08/dow-stocks-rally-stimulus-package-qmb.cnnbusiness/index.xml”,”videoId”:”business/2021/03/08/dow-stocks-rally-stimulus-package-qmb.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210305162626-nyse-0305-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/08/dow-stocks-rally-stimulus-package-qmb.cnnbusiness/video/playlists/business-markets-investing/”,”description”:”As investors cheered the Senate’s passage of a COVID-19 bill, the Dow surged, yet tech stocks remained flat. Morgan Stanley Investment Management’s Chief Global Strategist Ruchir Sharma discusses what this means for the economy. “,”descriptionText”:”As investors cheered the Senate’s passage of a COVID-19 bill, the Dow surged, yet tech stocks remained flat. Morgan Stanley Investment Management’s Chief Global Strategist Ruchir Sharma discusses what this means for the economy. “},{“title”:”Jerome Powell: US economy ‘some time’ away from full recovery”,”duration”:”02:18″,”sourceName”:”CNN”,”sourceLink”:”www.cnn.com”,”videoCMSUrl”:”/video/data/3.0/video/economy/2021/03/04/jerome-powell-inflation-prediction-stocks-vpx.cnn/index.xml”,”videoId”:”economy/2021/03/04/jerome-powell-inflation-prediction-stocks-vpx.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210304125053-02-jerome-powell-1201-large-169.jpg”,”videoUrl”:”/videos/economy/2021/03/04/jerome-powell-inflation-prediction-stocks-vpx.cnn/video/playlists/business-markets-investing/”,”description”:”US stocks tumble after Federal Reserve Chairman Jerome Powell says the US economy is far from a full recovery. CNN’s Richard Quest and CEO of Cantor Fitzgerald Howard Lutnick discuss Powell’s prediction. “,”descriptionText”:”US stocks tumble after Federal Reserve Chairman Jerome Powell says the US economy is far from a full recovery. CNN’s Richard Quest and CEO of Cantor Fitzgerald Howard Lutnick discuss Powell’s prediction. “},{“title”:”Cantor Fitzgerald CEO: SPACs are private equity for the public market”,”duration”:”01:42″,”sourceName”:”CNNbusiness”,”sourceLink”:”cnnbusiness.com”,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/04/spacs-cantor-fitzgerald-ceo-qmb.cnnbusiness/index.xml”,”videoId”:”business/2021/03/04/spacs-cantor-fitzgerald-ceo-qmb.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210304160812-cantor-fitzgerald-ceo-howard-lutnick-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/04/spacs-cantor-fitzgerald-ceo-qmb.cnnbusiness/video/playlists/business-markets-investing/”,”description”:”Howard Lutnick, CEO of Cantor Fitzgerald, discusses the recent popularity of Special Purpose Acquisition Companies.”,”descriptionText”:”Howard Lutnick, CEO of Cantor Fitzgerald, discusses the recent popularity of Special Purpose Acquisition Companies.”}],’js-video_headline-featured-un30h’,”,”js-video_source-featured-un30h”,true,true,’business-markets-investing’);if (typeof configObj.context !== ‘string’ || configObj.context.length <= 0) {configObj.context = 'investing'.replace(/[()-]/g, '');}configObj.videoCollection = 'business-markets-investing';CNN.VideoPlayer.getLibrary(configObj, videoHandler.getEventCallbackObject(), isLivePlayer, videoHandler.getMediaMetadataCallbacks());videoHandler.getCollectionCarouselElement().on('VIDEO_CAROUSEL_ITEM_CLICKED', CNN.VIDEOCLIENT.triggerSunrise);}});CNN.INJECTOR.scriptComplete('videodemanddust');JUST WATCHEDWhy bitcoin could triple over next yearReplayMore Videos …MUST WATCH{"@context": "https://schema.org","@type": "VideoObject","name": "Why bitcoin could triple over next year","description": "William Quigley, managing director of Magnetic, explains why he believes that bitcoin's value can still rise dramatically into 2022.","thumbnailURL": "https://cdn.cnn.com/cnnnext/dam/assets/210219081655-02-bitcoin-file-exlarge-169.jpg","image": "https://cdn.cnn.com/cnnnext/dam/assets/210219081655-02-bitcoin-file-exlarge-169.jpg","duration": "PT2M11S","uploadDate": "2021-03-03T19:10:57Z","contentUrl": "https://edition.cnn.com/videos/business/2021/03/03/bitcoin-crypto-william-quigley-markets-now.cnn-business","url": "https://edition.cnn.com/videos/business/2021/03/03/bitcoin-crypto-william-quigley-markets-now.cnn-business","embedUrl": "https://fave.api.cnn.io/v1/fav/?video=business/2021/03/03/bitcoin-crypto-william-quigley-markets-now.cnn-business&customer=cnn&edition=international&env=prod"} (15 Videos)Why bitcoin could triple over next yearWhy an infrastructure bill could help jobs bounce back fasterDeliveroo shares plunge on market debutBanks face huge losses from exposure to ArchegosIntel CEO: We're ready to go bigger and fasterSlack CEO: We made an 'unforced error' in DM roll outWatch Elizabeth Warren grill Janet Yellen about risks to US financial systemTech stocks have taken a hit. Here's why that could be a buying opportunityWhy you should book your summer vacation now'We need something now:' Strategist explains importance of stimulus dealStocks surge as Tesla and tech shares reboundScaramucci blasts Republicans for not supporting Biden's rescue planRecovery stocks surge as investors welcome stimulus news Jerome Powell: US economy 'some time' away from full recoveryCantor Fitzgerald CEO: SPACs are private equity for the public marketNew York (CNN Business)Goldman Sachs will reportedly soon offer its private wealth management clients avenues to invest in bitcoin and other digital currencies.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.Chipotle is giving away $100,000 in bitcoin"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. Read More"There's a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that," Rich said. "There are also a large contingent of clients who feel like we're sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space."Crypto's rising popularityThe decision by Goldman shows major financial institutions are beginning to embrace cryptocurrencies after years of skepticism due to its volatile nature. CNBC reported earlier in March that Goldman's rival Morgan Stanley will offer its wealthy clients access to bitcoin funds, the first major US bank to do so.But other companies have been cashing in on cryptocurrencies. Tesla (TSLA) is now accepting bitcoin as payment, and disclosed it had purchased $1.5 billion in the cryptocurrency as part of its cash holdings. Meanwhile, Uber (UBER) and Mastercard (MA) also said they plan to start accepting bitcoin. BNY Mellon and BlackRock are looking into bitcoin. And Jay Z and Twitter CEO Jack Dorsey announced they are establishing a bitcoin development fund.Everything you need to know about bitcoinAs more financial institutions invest in bitcoin, more companies are expected to join. Some investors believe that it could be a good hedge against inflation and a weak dollar. The Federal Reserve cut interest rates in March 2020, severely weakening the US dollar and shooting up the price of bitcoin."We're still in the very nascent stages of this ecosystem. No one knows exactly how it will evolve, or what shape it will be," Rich said. "But I think it's fairly safe to expect it will be part of our future."Bitcoin is currently trading at $58,394.86, down 0.58%.

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