Bitcoin Is No 'Threat' To The US Dollar, Goldman Sachs CEO Says

Goldman Sachs GS CEO David Solomon on Wednesday downplayed the notion that Bitcoin BTC/USD poses any significant threat to the U.S. dollar’s position as the world’s reserve currency.

In an interview with CNBC on Wednesday, he said, “I do not think Bitcoin is a threat to the U.S. dollar,” dismissing concerns raised amid renewed interest in digital assets.

The discussion arose following commentary regarding former President Donald Trump‘s talk of a strategic Bitcoin reserve.

While acknowledging that Goldman Sachs has dedicated resources to explore blockchain technology, Solomon emphasized the current regulatory framework that prevents the bank from directly owning or trading digital assets on behalf of clients.

"The underlying technology is something we spent a lot of time on, something that we're utilizing, testing to create less friction of the financial system,” he said.

Also Read: Bitcoin Could Drop Up To 20% As Trump ‘Hope’ Fades, Standard Chartered Warns

Despite these explorations, Solomon maintained his strong conviction in the U.S. dollar.

Start Your Crypto Journey Today and Get $500 in Rewards

Exclusively for new Crypto.com App users, unlock up to $500 worth of rewards in the most popular tokens when you start trading.

He characterized Bitcoin as “a speculative asset, an interesting speculative asset,” reinforcing his view that its potential impact on the dollar is minimal.

This position stands in contrast to the views of some in the cryptocurrency space who see Bitcoin as a viable alternative to traditional currencies.

Solomon's comments come amid growing interest in cryptocurrency, spurred by recent discussions about the United States potentially adopting Bitcoin as a strategic reserve asset.

While advocates see Bitcoin as a hedge against inflation and a complement to the dollar, Solomon's remarks suggest a cautious approach from major financial institutions.

Read Next: