Goldman Sachs was a long-standing advocate for bitcoin and other cryptocurrencies. It even offered trading services to wealthy clients in the past. David Solomon, Goldman Sachs CEO seems less enthusiastic about the digital asset. Recent interview: CNBC’s SquawkBoxThe CEO evades questions about bitcoin and his opinions on it.
Goldman Sachs CEO Doesn’t Own Bitcoin
CNBC’s David Solomon spoke with CNBC about the new cryptocurrencies. Solomon denied that he had any Bitcoins or Ethereum. Goldman Sachs offered clients access to this market.
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According to the CEO, bitcoin was not on his radar and he didn’t know much about it. “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, which offered non-deliverable futures (NDFs) to investors in May, had already jumped aboard the crypto train. Goldman Sachs began offering NDFs for bitcoin at that time, and added Ethereum to its portfolio in June. Goldman Sachs and Galaxy Digital teamed up later that month to trade Bitcoin Futures.
Solomon was asked by Goldman Sachs clients if they wanted to invest in crypto. He gave an obvious, but vague answer. Solomon explained that clients should be free to choose what they wish. Goldman Sachs clients are already involved in this space, the CEO said.
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Blockchain is More Important
The CEO doesn’t own any cryptocurrencies, but he is very interested in the technology that surrounds it. Goldman Sachs CEO, David Goldman Sachs, stated that bitcoin was not his preferred choice and that he was more interested in digital payment technology, specifically how it can benefit the 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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Its reach? He stated that this was a major shift in the market and Goldman Sachs had already begun to capitalize on it. Solomon says that bitcoin isn’t the main thing. Instead, the main focus should be on blockchain’s potential to accelerate digitalization of the financial sector. “I think that’s a big opportunity and we’re excited about that,” said the CEO.
It has been proven to be a disruptive technology in many industries. The most prominent example being financial services. JPMorgan Chase and Morgan Stanley, two megabanks in the sector have moved to offer more services.
CNBC featured image and chart by TradingView.com