Goldman Sachs CEO Says Bitcoin Isn’t a Threat to the US Dollar

Goldman Sachs CEO David Solomon has shared his perspective on Bitcoin, describing it as an “interesting speculative asset” while asserting that it does not pose a threat to the dominance of the US dollar. Speaking at the World Economic Forum in Davos, Switzerland, on January 22, Solomon expressed confidence in the dollar’s position as the world’s reserve currency.

“I do not think Bitcoin is a threat to the US dollar,” Solomon stated in an interview with CNBC. While emphasizing his belief in the dollar’s strength, he acknowledged Bitcoin’s growing importance in the financial world, calling it a fascinating speculative asset with potential.

Solomon also highlighted the significance of Bitcoin’s underlying technology. He revealed that Goldman Sachs is actively exploring ways to leverage blockchain to reduce friction in financial transactions. “The underlying technology is super important. We’re researching it to find innovative applications for the financial system,” he added.

Despite Goldman’s focus on blockchain and crypto research, Solomon pointed out that current regulatory frameworks limit the bank’s involvement with Bitcoin. “From a regulatory perspective, we can’t own, principal, or directly engage with Bitcoin,” he explained.

Solomon’s remarks align with broader industry views on blockchain’s potential to modernize financial systems. Lee Bratcher, president of the Texas Blockchain Council, recently emphasized the importance of dollar-pegged stablecoins in maintaining US dollar dominance. Bratcher argued that stablecoins could enable global access to the dollar, solidifying its status as the world’s reserve currency.

While Bitcoin has gained 7.89% in the past 30 days, reaching a trading value of $102,911, the US Dollar Index (DXY) has also strengthened, rising to 108.310 over the same period. Meanwhile, Goldman Sachs is preparing to spin out its cryptocurrency platform into a new entity focused on blockchain-based financial instruments. This move, led by Goldman’s digital assets head Mathew McDermott, is expected to be finalized in the next 12 to 18 months, pending regulatory approval.

As Bitcoin and blockchain technologies continue to evolve, Solomon’s comments reflect a cautious yet optimistic approach, highlighting the delicate balance between innovation and regulation in the financial industry.

bitcoin
Bitcoin (BTC) $ 95,805.67
ethereum
Ethereum (ETH) $ 2,602.78
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.40
solana
Solana (SOL) $ 194.26
bnb
BNB (BNB) $ 630.73
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.252274
cardano
Cardano (ADA) $ 0.759434
staked-ether
Lido Staked Ether (STETH) $ 2,600.25
tron
TRON (TRX) $ 0.238262
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,707.64
chainlink
Chainlink (LINK) $ 18.51
wrapped-steth
Wrapped stETH (WSTETH) $ 3,109.97
avalanche-2
Avalanche (AVAX) $ 25.03
sui
Sui (SUI) $ 3.24
stellar
Stellar (XLM) $ 0.314535
the-open-network
Toncoin (TON) $ 3.71
shiba-inu
Shiba Inu (SHIB) $ 0.000016
leo-token
LEO Token (LEO) $ 9.81
litecoin
Litecoin (LTC) $ 116.60
hedera-hashgraph
Hedera (HBAR) $ 0.223212
usds
USDS (USDS) $ 0.998450
hyperliquid
Hyperliquid (HYPE) $ 23.36
weth
WETH (WETH) $ 2,603.27
polkadot
Polkadot (DOT) $ 4.80
bitget-token
Bitget Token (BGB) $ 6.09
bitcoin-cash
Bitcoin Cash (BCH) $ 328.61
ethena-usde
Ethena USDe (USDE) $ 0.999641
mantra-dao
MANTRA (OM) $ 5.87
uniswap
Uniswap (UNI) $ 9.35
wrapped-eeth
Wrapped eETH (WEETH) $ 2,756.66
ondo-finance
Ondo (ONDO) $ 1.33
monero
Monero (XMR) $ 221.66
pepe
Pepe (PEPE) $ 0.000009
whitebit
WhiteBIT Coin (WBT) $ 27.37
near
NEAR Protocol (NEAR) $ 3.20
aave
Aave (AAVE) $ 241.37
dai
Dai (DAI) $ 1.00
mantle
Mantle (MNT) $ 1.01
internet-computer
Internet Computer (ICP) $ 7.06
aptos
Aptos (APT) $ 5.86
susds
sUSDS (SUSDS) $ 1.04
bittensor
Bittensor (TAO) $ 392.21
official-trump
Official Trump (TRUMP) $ 15.29
ethereum-classic
Ethereum Classic (ETC) $ 20.14
okb
OKB (OKB) $ 49.87
gatechain-token
Gate (GT) $ 22.18
vechain
VeChain (VET) $ 0.032842
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.307438