Important points
- Goldman Sachs CEO David Solomon sees Bitcoin as a speculative asset rather than a threat to the US dollar.
- Goldman Sachs is considering applying blockchain technology, but faces regulatory constraints on its involvement in cryptocurrencies.
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Goldman Sachs CEO David Solomon dismissed the possibility of Bitcoin challenging the dominance of the US dollar, describing it as an “interesting speculative asset.”
“At the end of the day, I strongly believe in the U.S. dollar. I think the U.S. dollar is very important,” Solomon said in a Wednesday interview with CNBC's Squawk Box when asked about Bitcoin's threat to his country's currency. , said:
“Bitcoin is an interesting speculative asset. I don't think there's much to say about it,” the Goldman chief added. “I don't see Bitcoin as a threat to the US dollar.”
Solomon's comments come at a time when the crypto community is focused on whether President Donald Trump will follow through on a key promise of his re-election campaign: establishing a national Bitcoin stockpile.
Asked if Goldman Sachs' approach to crypto assets would “fundamentally change” under the Trump administration, Solomon said that the bank is already fundamentally working on the potential of blockchain technology in finance. He said he is looking for new applications.
“We have spent a lot of time on the underlying technology, which we are leveraging and testing to create a low-friction financial system,” Solomon said. Ta.
The CEO pointed out that there are regulatory restrictions on banks' involvement in cryptocurrencies. “Right now, from a regulatory perspective, you can't own Bitcoin and you can't in principle be involved with Bitcoin,” Solomon said, adding that changes could occur if regulations change. suggested.
Speaking at the Reuters Next conference last month, Solomon said Goldman Sachs' current ability to participate in spot trading in Bitcoin and Ethereum is limited by regulatory constraints.
He said the bank would evaluate opportunities to participate in market making for these assets as the regulatory environment evolves.
Goldman Sachs currently holds $461 million in BlackRock's iShares Bitcoin Trust, according to recent regulatory filings. The bank also maintains stakes in funds managed by Fidelity, Grayscale, Invesco/Galaxy, WisdomTree and Ark/21Shares.
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