Goldman Sachs CEO David Solomon Believes Blockchain Is More Important Than Bitcoin

David Solomon, the CEO of Goldman Sachs, one of the world’s most powerful financial companies, has expressed his thoughts on the bitcoin vs. blockchain debate. Bitcoin, according to Solomon, isn’t as essential as the technological breakthroughs that blockchain and other new ledger-based tools can bring to the traditional finance world. The executive also indicated that he does not personally own bitcoin or ethereum.

The CEO of Goldman Sachs on Bitcoin

David Solomon, the CEO of Goldman Sachs, one of the world’s largest banks, has stated that bitcoin is less significant to him than the technology that underpins it. In an appearance on CNBC’s Squawkbox on Tuesday, the executive made these remarks. Solomon responded to a question regarding his thoughts on cryptocurrency by saying:

“My view on, on bitcoin for example is I really don’t know but it’s really not something, you know, individually that’s important to me.”

Furthermore, he argued that the true value of bitcoin lies in the technology that powers it, blockchain, and how it can affect the future of the financing world. Solomon stated that he is a ‘”big believer” in the disruption that these technologies are causing, and that Goldman Sachs is also trying to participate in this revolution vis its services app.

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Solomon: ‘Bitcoin Is Not the Key Thing’

Solomon also stated that in his opinion, bitcoin was not essential in the view of the banking industry, and that was the influence of the new technologies that bitcoin and other cryptocurrencies have brought with it that was the key for the modernization of current banking platforms. Solomon stressed:

I think bitcoin is really not the key thing. The key thing is how can blockchain or other technologies that are not developed yet accelerate the pace of the digitization of the way financial services are delivered.

However, he did state that as a speculative asset it was important for Goldman Sachs to offer bitcoin to its customers, to let them bet on the market behavior of the currency.

In the last year, bitcoin (BTC) has been vindicated as a valid asset by several important banking institutions, including JPMorgan, which had criticized the true utility of bitcoin’s proposal several times in the past. The bank started offering access to cryptocurrency investments for its customers earlier this year. The critics of its CEO Jamie Dimon, who said bitcoin was worthless before, didn’t affect the ability of the bank to provide this kind of service to its customers.