Goldman Sachs’ new CEO keen on crypto

30 July, 2018

New York-based investment banking group, Goldman Sachs, may soon be getting more serious about cryptocurrency. Newly named CEO David Solomon said in a statement that he is looking to add more bitcoin and cryptocurrency services to the group’s portfolio. This comes alongside the announcement that he will be stepping into his new position on October 1, upon current CEO Lloyd C. Blankfein’s retirement.

Goldman Sachs leads the way

Blankfein’s feelings toward cryptocurrency have been supportive, yet fairly restrained, so it’s a refreshing change to hear that the new leader of Goldman Sachs has a positive outlook on blockchain-based currencies.

“We are clearing some futures around bitcoin, talking about doing some other activities there […]. We’re listening to our clients and trying to help our clients as they’re exploring those things too,” Solomon said to Bloomberg in June.

The remarks from Solomon regarding cryptocurrency are a sharp contrast to other finance leaders. In September 2017, JP Morgan Chase Chairman and CEO Jamie Dimon spoke out against bitcoin trading, saying “If we had a trader who traded bitcoin I’d fire him in a second for two reasons. One, it’s against our rules. Two, it’s stupid.” He later said he regretted his words.

Warren Buffett, one of the most successful investors of all time, said that bitcoin is “probably rat poison squared” while presiding at the Berkshire Hathaway 2018 annual shareholder meeting in May.

With comments like these from some of the biggest names in the financial sector, Solomon’s support for cryptocurrency holds even more weight. Given his remarks, there is hope that cryptocurrencies will soon be taken more seriously in the financial sector.












Image credit: “Goldman Sachs headquarters, New York City” via Wikimedia Commons (CC BY 3.0).

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