NAIROBI (CoinChapter.com)— Goldman Sachs CEO David Solomon dismissed concerns about Bitcoin (BTC) challenging the U.S. dollar, calling it an “interesting speculative asset.” Speaking on CNBC’s Squawk Box, Solomon reaffirmed his confidence in the dollar while explaining the bank’s regulatory hurdles in adopting Bitcoin.
Bitcoin Is No Threat to the U.S. Dollar
Solomon downplayed Bitcoin’s potential to rival the U.S. dollar, citing its speculative nature and limited real-world utility. “I’m a big believer in the U.S. dollar,” he said, emphasizing that Bitcoin lacks the attributes to disrupt the dollar’s dominance.
Goldman Sachs CEO discusses growth at Davos. Source: CNBCWhile he acknowledged the growing interest in cryptocurrencies, Solomon clarified that Goldman Sachs cannot directly engage in Bitcoin trading or ownership due to regulatory restrictions. He added,
“From a regulatory perspective, we can’t own or deal directly with Bitcoin, but we are closely monitoring the space.”
Goldman Sachs Bets on Blockchain, Not Bitcoin
Goldman Sachs has turned to blockchain technology to enhance financial transaction efficiency, despite restrictions on direct Bitcoin trading. CEO David Solomon emphasized the bank’s focus on blockchain as a tool to “reduce friction in the financial system.”
Goldman Sachs’ Bitcoin ETF investments in its latest 13F report. Source: SECHowever, the bank’s indirect involvement in cryptocurrency markets is clear through its investments in various Bitcoin exchange-traded funds (ETFs). According to SEC filings, Goldman holds $95.5 million in Fidelity Wise Origin Bitcoin ETF, $71.9 million in Grayscale Bitcoin Trust, $59.8 million in Invesco Galaxy Bitcoin ETF, and $461.3 million in iShares Bitcoin Trust.
Could the U.S. Adopt a National Bitcoin Reserve?
Speculation about a U.S. national Bitcoin reserve has gained traction, fueled by discussions around the 2025 outlook. Polymarket data suggests a 56% chance of such a reserve being established by the end of 2025, though opinions remain divided.
56% chance of U.S. Bitcoin reserve by 2025. Source: PolymarketPresident Donald Trump’s reported interest in prioritizing U.S.-based cryptocurrencies further intensifies the debate. Advocates see Bitcoin as aligning with an “America-first” strategy, while detractors argue for maintaining the dollar’s central role in global finance.
Goldman’s current crypto strategy highlights the challenges financial institutions face under tight regulations. Solomon said the bank would consider more active Bitcoin participation if legal frameworks allowed it. Until then, Goldman remains on the sidelines, leveraging blockchain and monitoring the regulatory space.
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