Goldman Sachs CEO Chooses Blockchain Over Bitcoin

Blockchain is the technology behind Bitcoin and numerous other cryptocurrencies and some people consider it more important than Bitcoin itself.

In a recent interview with CNBC’s Squawk Box, Goldman Sachs CEO David Solomon said he believes blockchain technology is more important than Bitcoin. Blockchain is the underlying technology of Bitcoin and has use cases beyond the financial sphere. Solomon said:

“I think Bitcoin is really not the most important thing. The key is how blockchain or other technologies that have not yet been developed can accelerate the digitization of the provision of financial services.“

When asked about his views on Bitcoin, he said that the cryptocurrency is not for him. Solomon is not the first bank executive to talk about Bitcoin and the broader cryptocurrency space. He explained:

“My opinion on Bitcoin, for example, is, I really don’t know, but it’s really not something that is important to me individually.”

However, Solomon added that although Bitcoin is not for him, it is a speculative asset and Goldman Sachs must offer it to its customers so that they can bet on the market development. He pointed out that Goldman Sachs is trying to take advantage of blockchain technology to improve a wide range of its products and services.

Goldman Sachs is one of the leading financial institutions in the world, which currently provides services related to cryptocurrencies to its clients. The investment bank allows its wealthy clients to gain access to Bitcoin through futures contracts.

Morgan Stanley, JPMorgan Chase, Citi and BNY Mellon are some of the other leading banks that also offer crypto-related services to their clients. Bitcoin has underperformed in the last month. The price has fallen by more than 30% from its all-time high, which it reached a few weeks ago. At the time of this writing, Bitcoin is trading just below the $48,000 mark.

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