Goldman Sachs CEO Sidesteps Bitcoin Inquiries, Says Blockchain Is More Important

Best Owie

1 year ago

3 mins read

Picture of Goldman Sachs CEO David Solomon

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Goldman Sachs has taken many stances on bitcoin and cryptocurrencies at large in the past, even going as far as providing trading services to its wealthier clients. However, CEO David Solomon does not seem as keen on the digital asset. In a recent interview on CNBC’s SquawkBox, the CEO sidesteps questions regarding bitcoin and his views on it.

Goldman Sachs CEO Doesn’t Own Bitcoin

David Solomon sat down with CNBC where the CEO shared his thoughts regarding the cryptocurrencies that are shaking up the investing space. When asked if he owned any Bitcoin or Ethereum, Solomon revealed that he did not hold either of these digital aspects, despite Goldman Sachs offering clients exposure to the market.

The CEO explained that bitcoin has not really been on his radar nor did he know anything about the digital asset. “My view on bitcoin, for example, is that I really don’t know, but it’s really now something individually that’s important to me,” the CEO explained.

Goldman Sachs had jumped on the crypto train back in May after offering investors access to non-deliverable forwards (NDFs). The firm has begun offering bitcoin NDFs at this time and then added Ethereum in June to provide wider coverage for its investors. Later that month, Goldman Sachs partnered with investment firm Galaxy Digital to trade Bitcoin Futures.

When asked if he wants Goldman Sachs clients to go into crypto, Solomon gave an obvious yet evasive answer. He explains that he wants the clients to do what they want. The CEO also added that some Goldman Sachs clients already participate in the space.

BTC  drops to $48K | Source: BTCUSD on TradingView.com

Blockchain Is More Important

Despite the CEO not owning cryptocurrencies himself, the technology associated with the space has not escaped his radar. Instead of bitcoin, the Goldman Sachs CEO said he was rather interested in the digital payments space, mainly how blockchain technology can be beneficial to this space.

“I’m a big believer in the digitalization that is occurring, the disruption that is occurring, in the way financial services are delivered both for individuals and for institutions,” Solomon said.

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As for its reach, he added that this is a massive shift and Goldman Sachs is already trying to get in on it. Additionally, Solomon adds that bitcoin is not the key thing in this scenario. Rather the focus should be on how blockchain can aid in accelerating digitalization in the financial services sector. “I think that’s a big opportunity and we’re excited about that,” said the CEO.

Blockchain technology has already managed to penetrate most industries, with the financial services industry being the most obvious one. Megabanks like JPMorgan and Morgan Stanley have all moved to expand their offerings to clients in the space.

Featured image from CNBC, chart from TradingView.com

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