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.”
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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.
Solomons position on Bitcoin has evolved
In 2024, he described Bitcoin as a speculative investment and said he did not see a real use case for it. By February 2026, however, he acknowledged that he owns a small amount of Bitcoin and said he was closely observing the asset’s development.
He described himself as an observer rather than a Bitcoin prognosticator, suggesting that his personal exposure is more about understanding an increasingly important financial asset than making a major investment bet.
Solomon’s changing personal view also comes as Goldman Sachs has become more engaged with digital assets. The bank has explored developments around tokenization, stablecoins and blockchain-based financial infrastructure, even while maintaining a more cautious position toward cryptocurrencies themselves.
Wall Street institutions do not necessarily need to become Bitcoin maximalists to benefit from blockchain technology. Tokenized securities, stablecoins and blockchain-based settlement could potentially become useful parts of traditional finance without requiring banks to replace fiat currencies with cryptocurrencies.
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