Goldman Sachs CEO David Solomon said he is confident that blockchain and other advanced technologies yet to be developed will give financial institutions greater freedom to make their infrastructure more efficient.
Speaking to CNBC, Solomon explained that he is less enthusiastic about cryptocurrencies, the main application of blockchain technology. The famous CEO stated that the lack of regulation in this area prevented Goldman Sachs from entering this rapidly growing sector. "The regulatory structure does not allow us to do much work in this area."
CEO Solomon added that he does not hold a strong view for any cryptocurrencies, including Bitcoin. In addition, Solomon said that he does not care about which direction the price of the world's largest cryptocurrency is moving. Bitcoin, which fell to $ 26,000 last week, thus fell to its lowest level since December of 2020.
Although David Solomon does not think very positively about cryptocurrencies, his company Goldman Sachs continues to take steps in this area. Goldman, the largest bank on Wall Street, recently introduced Bitcoin loan. The bank also conducted its first over-the-counter cryptocurrency trade with Mike Novogratz's company Galaxy Digital in March. In the early part of 2021, Goldman Sachs had reactivated the trading desk with the rising demand. Goldman Sachs is also looking for new and interesting ways to use Blockchain technology.
Jack Dorsey Announces Bitcoin As The Only Currency Of The Internet
At Block's investor day, Jack Dorsey reiterated his unwavering belief in the future of Bitcoin and Blockchain technology. Block revealed his ambition to transform the payments company into a digital giant with footprints in multiple dimensions.
Jack Dorsey, co-founder and CEO of Block, who previously ran Twitter, began Wednesday's presentation with a keynote on Block's evolution and Bitcoin's next role. Dorsey said it was "difficult" to fit a company like Block into one category.
The CEO of Block emphasized that crypto and music streaming businesses should be considered as an “ecosystem.”
“We are no longer just a payments company. A lot has changed since our last investor day.”
He also stated that the company's efforts in Bitcoin will continue to be the main strategy of the company, as partially exemplified in the Bank-like Cash App that enables peer-to-peer payments and BTC transactions.