Goldman Sachs CEO David Solomon, known for his previous skepticism towards cryptocurrency, revealed during a recent appearance at the World Liberty Forum that he personally owns a small amount of Bitcoin. Speaking at President Trump’s Mar-a-Lago club in Palm Beach, Florida, Solomon described his holdings as “very little, but some” Bitcoin.
Although he did not disclose the specific value or duration of his investment, his admission comes at a time when Bitcoin’s market value hovers below $70,000, having recently declined from its recent highs.
Under Solomon’s leadership, Goldman Sachs has increased its involvement in the cryptocurrency space, establishing trading desks and custody services aimed at institutional clients. Despite his earlier views on the speculative nature of cryptocurrencies, which resonate with traditional Wall Street sentiments, Solomon indicated that he is closely following developments in digital currencies as part of broader trends in financial technology.
During the event, organized by Eric Trump and Donald Trump Jr., Solomon emphasized that traditional finance and cryptocurrency should not be perceived as competitors. He asserted the importance of cryptocurrencies, stating, “It’s one system; it’s our system. We have to do it the right way.”
This sentiment marks a notable departure from the previously widespread skepticism on Wall Street. For example, JP Morgan CEO Jamie Dimon has historically labeled Bitcoin as having “no intrinsic value.” However, the landscape appears to be shifting, especially under the current administration, which has adopted a comparatively lenient approach to cryptocurrency regulation.
Bitcoin operates independently of banks and governments, allowing for anonymous transactions that have piqued the interest of individuals looking to maintain privacy in their financial affairs. The creation of Bitcoin involves “miners” who utilize computer farms to verify transactions, solving complex mathematical puzzles in the process. In return for their efforts, miners receive Bitcoin, which can then be converted into cash based on online trading prices.
Goldman Sachs has yet to comment further on Solomon’s remarks or the firm’s evolving stance regarding cryptocurrency.
