David Solomon, the CEO at Goldman Sachs (one of the largest banking institutions worldwide), has offered his views on the issue of bitcoin vs. blockchain. Solomon believes that bitcoin does not have the same importance as other technological advances in finance. The executive further stated he doesn’t own bitcoin or ethereum personally.
Goldman Sachs’ CEO speaks out on Bitcoin
David Solomon, the CEO of Goldman Sachs Bank, one of the largest banks worldwide, explained that bitcoin for him is not as important as the technology it uses. The executive issued these statements in an interview on CNBC’s Squawkbox on Tuesday. Solomon responded to questions regarding crypto.
My view on, on bitcoin for example is I really don’t know but it’s really not something, you know, individually that’s important to me.
He also argued that bitcoin’s true value lies in its technology, blockchain. And how this can impact the future of finance. Solomon stated that he is a ‘”big believer” in the disruption that these technologies are causing, and that Goldman Sachs is also trying to participate in this revolution vis its services app.
Solomon: ‘Bitcoin Is Not the Key Thing’
Solomon stated, “Bitcoin was not necessary in my view.” It was, however, the impact of bitcoin and other cryptocurrency that led to the modernization and improvement of existing banking systems. Solomon stressed:
Bitcoin is not what I believe to be the most important thing. What can be done to accelerate digitization in financial services delivery using blockchain and other technologies not yet developed?
He did however state that bitcoin was a valuable speculative asset and Goldman Sachs should offer it to customers to allow them to bet on market behaviour.
In the last year, bitcoin (BTC) has been vindicated as a valid asset by several important banking institutions, including JPMorgan, which had criticized the true utility of bitcoin’s proposal several times in the past. This bank began offering cryptocurrency investment access for customers in the first quarter of this year. The critics of its CEO Jamie Dimon, who said bitcoin was worthless before, didn’t affect the ability of the bank to provide this kind of service to its customers.
What do you think about David Solomon’s “blockchain, not bitcoin” approach? Comment below.
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