Goldman Sachs CEO says Cryptocurrencies are ‘Important to The Future Of Global Financial Systems’

But instead of crypto wallets for the retail, the investment banking giant is focused on the “institutional side” with respect to crypto payment systems.

Goldman Sachs Chief Executive Officer David Solomon is talking about Bitcoin, and he is bullish on the trillion-dollar asset.

“I also want to touch on the topics of cryptocurrency blockchain and the digitization of money,” Solomon began during the bank’s earnings call Wednesday, saying:

“Central banks are looking at digital currencies, working to apply this technology to the local markets and determine the longer-term impact on global payment systems. Also significant focus on cryptocurrencies like Bitcoin, where the trajectory is less clear as market participants evaluate their possibility as a store of value.”

The investment banking giant beat the expectations with a record first-quarter net profit of $3.77 billion on the back of its strong investment banking and trading businesses. Revenue of $17.7 billion also topped expectations of $12.6 billion.

“We continue to look for ways to expand our capabilities to support our clients’ needs,” he said, adding that they still can’t trade Bitcoin on a principal basis.

But cryptocurrencies are “important to the future of global financial systems.”

Solomon further said they are “not focused on offering a crypto wallet” at the moment rather on the “institutional side” with respect to crypto payment systems.

Recently in an interview with CNBC, Solomon said he expects a major transformation in how the US government regulates Bitcoin and other crypto assets. “I think there'll be a big evolution as to how this evolves in the coming years,” he said last week.

While refusing to speculate on how things would go on the regulated front, he said, “we're going to continue to find ways to serve our clients as we move forward.”

In response to rising demand from its clients, Goldman Sachs reportedly starts offering its wealthy clients exposure to digital assets this quarter. Furthermore, they rebooted its bitcoin trading desk and filed for an ETF to provide indirect exposure to BTC by tracking the performance of the ARK Innovation ETF.

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