Recently, David Solomon, who is Chairman, CEO, and a member of the Board of Directors of The Goldman Sachs Group, Inc., shared his thoughts on blockchain technology and cryptocurrencies.
Solomon made his comments on May 18 during an interview with Andrew Ross Sorkin on CNBC’s “Squawk Box”.
When asked how Goldman sees itself gitting into the crypto landscape, Solomon replied:
“I continue to be a real bull on the digital disruption of the financial infrastructure that underpins everything that we and others that interact in the financial system do on a day-to-day basis — the way money moves around the world, the way we can keep track of things, the way we can create automation and efficiency.
“Big believer that the blockchain and other technologies, some that exist, some that haven’t been developed yet give us great latitude to really evolve that infrastructure, create less friction for end users, more efficiency, cheaper products and services. And so, a big believer in that. We’ve been investing a lot in that.
“With respect to cryptocurrencies, as you appropriately point out, the regulatory construct does not let us do a lot. We talk to clients, we try to respond to increase from clients. We’re trying to find interesting ways to use the blockchain and use technology in the world that we operate it.
“So, we’ve been involved in the construct of doing some repo on the blockchain. We’ve been involved in making loans that are structurally secured by somebody who would custody some sort of cryptocurrency. But at the end of the day, I don’t have a strong view — Bitcoin up, down, sideways. I’m more focused on being in the technology infrastructure than I am on cryptocurrency.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.