Goldman Sachs CEO David Solomon has dismissed the notion that Bitcoin could rival the U.S. dollar’s dominance as the global reserve currency.
In a CNBC interview, Solomon referred to Bitcoin as a speculative asset, recognizing its appeal but noting that it has less impact than the dollar. He emphasized his confidence in the strength and global importance of the U.S. currency.
“I’m a firm believer in the US dollar,” Solomon stated. “Bitcoin may be an interesting speculative asset, but it’s not a threat to the dollar’s position.”
Despite President Donald Trump’s proposal to establish a “strategic Bitcoin reserve,” He expressed continued confidence in the U.S. dollar’s global dominance. Trump’s plan involves the government retaining and expanding its Bitcoin holdings as part of this reserve.
The CEO avoided a direct response when asked if the initiative might affect Goldman Sachs’ position on cryptocurrency. Instead, he highlighted the bank’s commitment to using blockchain technology to improve the financial system. He noted that regulatory restrictions prevent Goldman Sachs from holding, trading, or directly engaging with Bitcoin. Stating,
“You have to ask regulators because, at the moment, as a regulated banking institution, and I think you know this, we’re not allowed to own a cryptocurrency like Bitcoin,”
He acknowledged that the regulatory framework for digital assets might change with the incoming Donald Trump administration but noted that the future direction of these changes is still “unclear.”
The Bitcoin sentiment isn’t only shared by Solomon. JPMorgan CEO Jamie Dimon has reiterated his criticism of Bitcoin, arguing it lacks intrinsic value and is often linked to illegal activities. Dimon likened investing in Bitcoin to smoking, stating it’s a personal choice but not a wise one. While supporting digital currencies, he dismissed Bitcoin as “fraud” and a “pet rock,” comparing it to speculative bubbles like the Dutch tulip mania. Despite this, he emphasized blockchain’s potential and JPMorgan’s work on projects like JPM Coin.
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