Although he acknowledged bitcoin's volatility and speculative nature, Solomon stated he had “never been on the other side as to whether or not bitcoin would be something that's around.”
Goldman Sachs CEO David Solomon clarified his stance on bitcoin in an interview with CNBC on Monday. While acknowledging bitcoin’s volatility and speculative nature, Solomon expressed his belief that the crypto has remained present throughout the years.
“I’ve never been on the other side as to whether or not bitcoin would be something that’s around,” Solomon said in the interview. “I think it’s a speculative investment.”
The Goldman Sachs CEO's remarks come amid heightened attention on bitcoin in the U.S., with the Securities and Exchange Commission (SEC) recently approving a spot bitcoin exchange-traded fund (ETF) for the first time. The development has also spurred greater engagement from mainstream financial institutions in the crypto space.
Goldman Sachs, for its part, has continued to deepen its involvement in the digital asset industry. Earlier this month, Mathew McDermott, Goldman’s global head of digital assets, announced plans to expand the firm's crypto services. The efforts will center on the tokenization of assets like money market funds and real estate. Goldman aims to launch three tokenization projects by year’s end, including one in the U.S.
In May, Max Minton, Goldman’s head of digital assets for Asia Pacific, said the approval of a bitcoin spot ETF in the U.S. has reignited client interest and activity in crypto. However, not all executives at the banking giant are optimistic about bitcoin and crypto.
The chief investment officer of Goldman Sachs’ Wealth Management unit recently dismissed cryptocurrency as an investment asset class, arguing that bitcoin has no intrinsic value and that it's purely used for speculation.
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