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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

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

Best Owie
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.

Related Reading | Bitcoin Open Interest Takes Second Largest Dump Of 2021

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.

Bitcoin price chart from TradingView.com

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.

Related Reading | Despite Red Bitcoin, On-Chain Signals Flip Green

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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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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