Goldman Sachs is eyeing crypto but according to the CEO David Solomon he doesn’t expect the stock market to crash and we read more about his stance in the latest cryptocurrency news below.
Solomon stated in the French Financial newspaper Les Echos that the company is definitely considering its own cryptocurrency which they are already considering the JPM Coin. In fact, the CEO stated that you should assume that all of the major investment banks and Goldman Sachs is eying a crypto foray:
“Absolutely! Many people are looking in this direction. But it is too early to say which platform will prevail…Assume that all major financial institutions around the world are looking at the potential of “tokenization,” “stable wedge” and frictionless payments.”
When he was asked if Goldman Sachs is in discussion with Facebook to talk about the crypto project Libra, Solomon suggested that the company is considering that option as well. He pointed out that though they cannot confirm for sure whether the company is in direct contact with Facebook, he admitted that the huge, disruptive potential of blockchain and cryptocurrencies is undeniable:
“I can not comment on any discussions we may have with our clients. What I can tell you is that I find the principle interesting. We do extensive research on the concept of “tokenization,” the potential of which we believe, and which designates the creation through the blockchain of a stable digital currency based on a basket of real currencies that can move money across borders and without friction. This is the direction in which the payment system will go.”
Goldman Sachs has re-considered the subject of cryptocurrencies since in April this year, Solomon testified before Congress that the company had no intention to launch a crypto trading desk. According to the reports in the coming altcoin news, his denial spurred some rumors going back to December 2017 when the bitcoin bull market was at its peak and the price of the number one cryptocurrency reached $20,000. Not surprisingly, Solomon denied about Goldman going hard into crypto while speaking to the US Congress. The lawmakers around the world are wondering whether crypto should play a huge role in the global financial markets.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]