Goldman Sachs CEO David Solomon changes crypto stance: Bitcoin is likely to be a store of value

This site (120btC.coM): David Solomon, CEO of Wall Street investment bank Goldman Sachs, was interviewed by CNBC during the Olympic Games in Paris, France. Solomon, who was previously skeptical about cryptocurrencies, actually relaxed this time. "Bitcoin is likely to be a store of value." His behavior of taking the company's luxury plane to Paris this time also caused dissatisfaction among employees.

Goldman Sachs CEO softens stance on crypto?

According to The Block, Solomon is not invested in Bitcoin or any other crypto asset, which he considers a speculative investment because there is no real use case. However, Solomon also mentioned that the underlying technology behind cryptocurrencies is very interesting and emphasized that as the financial system becomes increasingly digital, its technology has been able to advance to eliminate friction in the financial system.

When asked about its use case as a store of value, he said loosely: Bitcoin is likely to be a store of value.

Goldman Sachs’ role in crypto

Earlier this year, Goldman Sachs and several other firms completed a series of tests of Canton Network, an interoperable “designed for institutional assets” created by blockchain software company Digital Asset network of".

According to the new version of the S-1 form of BlackRock Bitcoin spot ETFIBIT, Goldman Sachs has also become an authorized participant (AP) for negotiations. One of the most important jobs in the multi-trillion dollar ETF industry, AP involves the creation and redemption of ETF shares to maintain consistency between the net asset value (NAV) and ETF market cap.

Goldman Sachs plans to launch three new tokenized products later this year, demonstrating the company’s commitment to embracing digital innovation in the financial sector.

Max Minton, its head of digital assets in Asia Pacific, stated that the approval of ETFs has indeed aroused customer interest: Since the beginning of this year, we have seen significant growth in customer interest in the crypto field, mainly traditional hedge funds and asset management Institutions etc.

Goldman Sachs bans employees from participating in Olympic double standard amid controversy

According to a report by New York Post, Solomon banned his employees from using company money to fly to participate in sports celebrations three months ago. As a result, he took the company's new private luxury aircraft Gulfstream G650ER, which was purchased for US$66 million, to Paris.

Solomon was invited by French President Macron to have lunch at the French Presidential Palace and talked with Tesla CEO Musk, Alibaba's Tsai Chongxin, TikTok CEO Zhou Shouzi and Airbnb's Brian Chesky and other business owners .

Solomon’s trip seems to have aroused dissatisfaction among Goldman Sachs employees, because Goldman Sachs only ordered in April that employees were not allowed to entertain clients for drinks and meals during the Paris Olympics without the prior approval of the company’s financial staff. But it seems that Solomon did not shy away from being interviewed by the media at the Olympics. He also talked about the Olympics' optimistic attitude towards social unity and called it an important customer event.

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