Goldman Sachs CEO talks about bitcoin's importance

Goldman Sachs CEO talks about bitcoin's importance

 



Goldman Sachs CEO David Solomon touched on the importance of Bitcoin and the cryptocurrency when talking about the bank's earnings on Wednesday. He noted how central the market has become for Wall Street's top banks.


"I would also like to address the issues of cryptocurrency, blockchain and the digitalisation of money," he said” :


"CENTRAL BANKS ARE STUDYING DIGITAL CURRENCIES. IT IS WORKING TO APPLY THIS TECHNOLOGY TO LOCAL MARKETS AND IDENTIFY THE LONGER-TERM IMPACT ON GLOBAL PAYMENT SYSTEMS. THERE IS ALSO A SIGNIFICANT FOCUS ON CRYPTOCURRENCIES SUCH AS BITCOIN (BTC), WHERE THE TRAJECTORY IS LESS CLEAR AS MARKET PARTICIPANTS RATE THEIR POSSIBILITIES AS A STORE OF VALUE.”


Goldman Sachs had recently announced that it would offer its private customers access to Bitcoin-related products. Solomon used the following statements::


“WE CONTINUE TO LOOK FOR WAYS TO EXPAND WHAT WE CAN DO TO SUPPORT THE NEEDS OF OUR CUSTOMERS.”


Still, Solomon said cryptocurrencies are “important for the future of global financial systems,” even though the bank does not basically trade Bitcoin.


As for Goldman's plans in the individual crypto market, according to Solomon, the bank does not appear to be operating in this area anytime soon.


'Bitcoin will surpass gold'”


“We can't focus on offering a crypto wallet right now,” he said, answering a question about how Goldman's Marcus brand could benefit from the current activity around Bitcoin. “When it comes to crypto payment systems... we're much more focused on the corporate side,” Solomon said.


During an appearance on CNBC, Solomon explained that he was more “bullish” about BTC prospects, predicting that the digital asset could one day rival the value of gold:


"I THINK BITCOIN IS ON ITS WAY TO CAPTURING THE MARKET VALUE OF GOLD FIRST AND THEN SURPASSING IT. IT'S ABOUT HOW FAST ADOPTION HAPPENS. ADOPTION IS HAPPENING FASTER THAN I EXPECTED.”

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