“At the end of the day, I’m a big believer in the US dollar,” David Solomon said.
Goldman Sachs CEO David Solomon believes the US dollar will remain unmatched by Bitcoin.
Speaking with CNBC’s Andrew Ross Sorkin at Davos on Wednesday, Solomon described Bitcoin as a speculative asset. However, he stated that it cannot surpass the dollar, which he indicated as the dominant global reserve currency.
“At the end of the day, I’m a big believer in the US dollar,” the CEO said Wednesday. “Bitcoin is a speculative asset, an interesting speculative asset. I don’t think there’s a lot more to ask about this, though.”
“I do not think Bitcoin is a threat to the US dollar,” he added.
Solomon made his comments despite President Donald Trump’s plan to establish a “strategic Bitcoin reserve.” Trump has stated that the US government would keep all the Bitcoin it currently owns or acquires in the future as part of this reserve.
Sorkin quizzed Solomon if Trump’s proposed strategic Bitcoin reserve could impact Goldman Sachs’ stance on cryptocurrency. Solomon avoided a direct answer and instead noted the bank’s focus on crypto’s underlying technology.
He explained that the banking giant is actively exploring and using this technology to improve the financial system. However, he pointed out that regulations still prevent the bank from owning, trading or directly dealing with Bitcoin.
This aligns with Solomon’s December remarks, when he stated that Goldman Sachs might consider becoming a spot market maker for major cryptocurrencies if regulations become clearer.
“You have to ask regulators because, at the moment, as a regulated banking institution, and I think you know this, we’re not allowed to own a cryptocurrency like Bitcoin,” the CEO said.
Solomon noted that the regulatory landscape for digital assets could change under the incoming Donald Trump administration. However, he admitted it remains “unclear” how it might develop.
Despite this uncertainty, Goldman Sachs revealed in 2023 that nearly half of the family offices it works with were interested in adding digital currencies to their portfolios.
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