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Goldman Sachs CEO Expects "Big Evolution" in Crypto Industry


u.today April 06 2021 15:23, UTC
Reading time: ~2 m

In an April 6 interview on CNBC's "Squawk Box," Goldman Sachs CEO David Solomon predicted that there would be "a big evolution" in the digital currency space in the coming years when asked about whether he would like to lobby for regulations in Washington:

This is a space that's evolving…I think there will be a big evolution as to how this evolves in the coming years.

Despite "significant" regulatory roadblocks, Goldman Sachs is looking for ways to support crypto for its clients due to an outpouring of demand. Solomon says that his bank thinks about digital currencies "in a proactive way":

We continue to think about digital currencies and the digitalization of money in a very proactive way.

Goldman goes full Bitcoin

As reported by U.Today, Goldman decided to give its cryptocurrency trading desk another go last month after shelving it back in 2018.

The major U.S. bank is also venturing into crypto custody and even the Bitcoin ETF race amid heightened interest in the industry.

On March 31, CNBC reported that Goldman was also close to offering Bitcoin to its deep-pocketed clients, following Morgan Stanley's example.

Goldman's global head of digital assets, Mary Rich, claims that investors are looking at the top crypto as an inflation hedge or the new internet:

There's a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that. There are also a large contingent of clients who feel like we're sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.


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