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January 22, 2022
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Goldman Sachs CEO Sidesteps Bitcoin Inquiries, Says Blockchain Is More Important

Goldman Sachs has taken many stances on bitcoin and cryptocurrencies at massive up to now, even going so far as offering buying and selling providers to its wealthier shoppers. However, CEO David Solomon doesn’t appear as eager on the digital asset. In a latest interview on CNBC’s SquawkBox, the CEO sidesteps questions relating to bitcoin and his views on it.

Goldman Sachs CEO Doesn’t Own Bitcoin

David Solomon sat down with CNBC the place the CEO shared his ideas relating to the cryptocurrencies which might be shaking up the investing area. When requested if he owned any Bitcoin or Ethereum, Solomon revealed that he didn’t maintain both of those digital elements, regardless of Goldman Sachs providing shoppers publicity to the market.

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

The CEO defined that bitcoin has probably not been on his radar nor did he know something in regards to 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 defined.

Goldman Sachs had jumped on the crypto practice again in May after offering investors access to non-deliverable forwards (NDFs). The agency has begun providing bitcoin NDFs presently after which added Ethereum in June to supply wider protection for its buyers. Later that month, Goldman Sachs partnered with investment firm Galaxy Digital to trade Bitcoin Futures.

When requested if he needs Goldman Sachs shoppers to enter crypto, Solomon gave an apparent but evasive reply. He explains that he needs the shoppers to do what they need. The CEO additionally added that some Goldman Sachs shoppers already take part within the area.

Bitcoin price chart from TradingView.com

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

Blockchain Is More Important

Despite the CEO not proudly owning cryptocurrencies himself, the know-how related to the area has not escaped his radar. Instead of bitcoin, the Goldman Sachs CEO mentioned he was moderately within the digital funds area, primarily how blockchain know-how might be helpful to this area.

“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 mentioned.

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

As for its attain, he added that it is a large shift and Goldman Sachs is already making an attempt to get in on it. Additionally, Solomon provides that bitcoin just isn’t the important thing factor on this state of affairs. Rather the main focus must be on how blockchain can support in accelerating digitalization within the monetary providers sector. “I think that’s a big opportunity and we’re excited about that,” mentioned the CEO.

Blockchain know-how has already managed to penetrate most industries, with the monetary providers trade being the obvious one. Megabanks like JPMorgan and Morgan Stanley have all moved to broaden their choices to shoppers within the area.

Featured picture from CNBC, chart from TradingView.com

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