Goldman Sachs CEO says blockchain technology is more important than Bitcoin – Times of India


In a recent interview with CNBC Squawk Box, CEO of Goldman Sachs David Solomon explained his viewpoints on the differences between blockchain technology and Bitcoin, and the great prospects of the former. Solomon said that Blockchain technology is more important than Bitcoin. He said that though he did not personally own either Bitcoin or Ethereum, for him the technology behind it was far more critical. He added that he has staunch faith in the disruption this technology is causing to both institutions and individuals. The technological revolution has caused a massive shift in the working of things.

Solomon underscored the following points on the importance of blockchain technology :

He argued that the true value of Bitcoin lies in the technology that supports it.

The developments in this technology and other new ledger-based tools can bring benefits to the traditional finance world.

He said that new technology is crucial for the banking industry as it can bring about the modernization of the traditional banking platforms.

Blockchain technology can expedite the speed of digitization in the manner financial services are delivered.

On being asked if Solomon would allow and encourage his clients to engage in Bitcoin, he said that it is important to offer Bitcoin to customers as it is a speculative asset. They should be provided an opportunity to bet on the market behaviour of the currency. The bank had formally announced in May 2021 about creating a cryptocurrency desk, that successfully traded two kinds of Bitcoin-derivatives. Bitcoin has been accepted as a valid asset by other major banking entities too. These include JP Morgan that had criticized the utility of Bitcoin earlier. From July 2022, JPMorgan and Chase gave its wealth management clients access to crypto funds.

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