Solomon highlighted his belief in the strength of the US dollar.
He recalled that, for now, banks cannot get involved with bitcoin.
The CEO of the US bank Goldman Sachs, David Solomon, highlighted his preference for the US dollar, stating that bitcoin (BTC) is not a threat to that currency and is reduced to being a speculative asset.
In comments Speaking to CNBC from Davos, Switzerland, where this year’s World Economic Forum is being held, the banker said: “I don’t think bitcoin is a threat to the US dollar. I mean, there are others who might see it that way, I don’t see Bitcoin as a threat to the US dollar.”
According to Solomon, BTC is an interesting speculative asset, but without adding more about it. The banker declined to comment on the possibility of regulatory changes in the United States that would allow, for example, that banks become more involved with BTC and cryptocurrenciesand stressed: “I am a great believer in the US dollar. “I think the US dollar is very important.”
From a regulatory perspective, Solomon recalled that “we currently cannot own and cannot be involved with bitcoin,” due to current US regulations that complicate the interconnection between the US banking system and the cryptocurrency ecosystem.
Goldman Sachs, one of the largest American banks, has already been linked to the BTC ecosystem before. For example, through the million-dollar investment in exchange-traded funds (ETF) of the spot price of BTC, as reported by CriptoNoticias.
That financial institution saw a more than 100% increase in its investment in bitcoin in November of last year, when they reported to the Securities and Exchange Commission (SEC) that they had invested more than $715 million in spot BTC ETFs, as reported by this media.
Solomon’s comments come just as other bankers have expressed a possible massive foray into the bitcoin ecosystem. if US regulations allow it. This is the case of the CEO of Bank of America, Brian Moynihan, who asserts that financial entities would adopt cryptocurrencies as a payment method.
This discourse of new regulations that allow banks to relate to cryptoassets is maintained by the CEO of Circle, the company that issues the USDC stablecoin, who affirms that Trump’s regulations will bring cryptocurrencies to the banks.
There is an expectation that, under the Trump administration, they can be implemented more favorable regulations for cryptocurrencies. One of the regulations mentioned is the eventual elimination of SAB121an SEC guideline that requires financial institutions to report clients’ crypto assets as liabilities on their balance sheets.
The removal of this directive could facilitate the incorporation of cryptocurrencies into traditional banking operations, which could encourage more financial institutions to participate in the BTC and other cryptoassets market.
These changes could allow banks like Goldman Sachs to interact more directly with cryptocurrencies and also drive greater adoption of these digital assets in the US economy, thus transforming the current financial landscape.
However, until concrete changes in legislation are made by the Trump Administration, banks’ relationship with cryptocurrencies will continue to be limited by existing regulations.
