David Solomon, the CEO of Goldman Sachs said in an interview with CNBC today that bitcoin is not a currency. “could be a store of value.”
CNBC’s Joe Kernan asked the question about whether bitcoin could be used as a form of reserve currency, like gold. The answer was “yes”.
Solomon did acknowledge that the bitcoin can also be used to buy a home. “speculative investment” Without a “real use case,” Although the technology is similar, “super interesting.”
He compared bitcoin with gold as an asset that doesn’t produce income.
Goldman Sachs’ CEO, David Solomon has always lauded the benefits of blockchain technology. Solomon argued that blockchains are not limited to cryptocurrencies. In a Wall Street Journal op ed Solomon cited the collapse of 2022 FTX as an example of a possible use case. “miss the forest for the trees.”
Solomon emphasized the benefits of using blockchain technology to improve traditional financial services.
“Using our new tokenization platform, we arranged a [100 million euro] two-year digital bond for the European Investment Bank with two other banks, all based on a private blockchain,” Solomon tells CNBC “Typically, a bond sale like this takes about five days to settle. Ours settled in 60 seconds,” “He said”
Goldman began its crypto venture in 2021, when the company launched its Digital Assets unit. It offered crypto derivatives.
Fortune last month reported that this investment fund giant had planned on launching three tokenizations funds by 2024.
Goldman Sachs has been named an authorized participant of BlackRock’s bitcoin ETF.
Solomon, speaking in Paris the day before the FOMC’s interest rate decision said that he expected “one or two cuts in the fall” It is more probable than an immediate reaction from the US central Bank.
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