Blockchain is the technology behind Bitcoin, and numerous other cryptocurrencies and some people feel it is more important.
In a recent interview with CNBC’s Squawk Box, Goldman Sachs CEO David Solomon said he believes blockchain technology is more than important than Bitcoin. Blockchain is the underlying technology behind Bitcoin and has use cases beyond the financial space. Solomon said;
“I think bitcoin is really not the key thing. The key thing is how can blockchain or other technologies that are not developed yet accelerate the pace of the digitization of the way financial services are delivered.”
When asked about his views on Bitcoin, he said the cryptocurrency is not for him. Solomon is not the first bank executive to come out and talk about Bitcoin and the broader cryptocurrency space. He said;
“My view on, on bitcoin, for example, is I really don’t know, but it’s really not something, you know, individually that’s important to me.”
However, he added that although Bitcoin is not for him, Solomon said it is a speculative asset, and Goldman Sachs has to offer it to its clients and allow them to bet on the market’s performance. He pointed out that Goldman Sachs is trying to take advantage of blockchain technology to improve a wide range of its products and services.
Goldman Sachs is one of the leading financial institutions in the world that is currently providing crypto-related services to its clients. The investment bank allows its wealthy clients to gain access to Bitcoin via futures contracts.
Morgan Stanley, JPMorgan Chase, Citi and BNY Mellon are some of the other leading banks that are also providing crypto-related services to their clients. Bitcoin has been underperforming for the past month, with the price down by more than 30% from the all-time high it achieved a few weeks ago. At press time, Bitcoin is trading just below the $48k level.