Goldman Sachs CEO Labels Bitcoin as ‘Still a Speculative Asset’

Digital gold does not threaten the dollar’s status as a reserve currency, remaining a speculative asset. This was stated by Goldman Sachs CEO David Solomon, according to The Block.

The top executive noted that the institution continues to work with the underlying technology of Bitcoin to minimize “friction” in the financial system. However, from a regulatory standpoint, the bank still cannot own the first cryptocurrency or conduct transactions with it.

“If the world changed, we could discuss it. […] I believe in the US dollar. Bitcoin is an interesting speculative instrument. I don’t think there are many questions about that,” added Solomon.

The CEO of Goldman Sachs expressed skepticism regarding the threat of digital gold to the national currency. As before, the top executive acknowledged that the asset can serve as a “store of value”.

Back in March 2024, the bank’s director in the Asia-Pacific region, Max Minton, stated the growing interest of clients in cryptocurrencies. In his opinion, attention to the industry from traditional players was fueled by the approval of spot Bitcoin ETFs in the US.

Later, the company’s wealth management division’s CIO Sharmin Mossavar-Rahmani reported a lack of client involvement in digital assets. One reason for the skepticism was the difficulty in accurately assessing the intrinsic value of cryptocurrencies.

In addition to indirect trading, Goldman Sachs is engaged in the tokenization of RWA using blockchain. For these purposes, the bank launched a platform called GS DAP.