Goldman Sachs Confirms Appointment of Crypto-Friendly CEO

Avi Rosten

Leading investment bank Goldman Sachs has today confirmed the appointment of a new crypto-friendly CEO.

David Solomon, current president of the New-York headquartered multinational, will be taking over from boss Lloyd Blankfein in October following his twelve years at the helm – putting an end to speculation about who would be appointed his successor.

Significantly for the crypto space, Solomon has made some relatively pro-cryptocurrency remarks – particularly when considered in the light of comments from other figures in mainstream finance.

Last month, the 56-year-old investment veteran told Bloomberg that Goldman Sachs is exploring trading cryptocurrencies beyond bitcoin futures and other crypto derivatives, explaining:

“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”

Financial Sentiment

Interestingly, while many on Wall Street have been explicitly dismissive of bitcoin and crypto markets – with JP Morgan CEO Jamie Dimon describing those who buy bitcoin as “stupid" - outgoing Goldman CEO Blankfein has himself been far from contemptuous of the industry, remarking:

"I'm not in this school of saying... because it's uncomfortable with me, because it's unfamiliar, [bitcoin and cryptocurrency adoption] can't happen, that's too arrogant."

The world’s largest asset management firm – BlackRock – has also hit headlines recently for its apparent interest in the space.

Yesterday reports circulated widely that the firm was set for a move into crypto markets, before CEO Laurence Fink clarified their position – explaining that while they are very interested in blockchain technology, they have no immediate plans to invest in cryptocurrencies themselves.

While BlackRock might for now be holding back, this latest appointment will offer some encouragement to crypto investors as the space looks for signs of increasing institutional involvement.