Block-chain technology can accelerate the speed of digitization of the way financial services are delivered
David Solomon, CEO of Goldman Sachs, in a recent interview with CNBC Squawk Box explained his views on the differences between block-chain technology and bitcoin, and the great outlook for the former. Solomon said Block-chain technology is more important than Bitcoin. He said that while he didn’t personally own Bitcoin or Ethereum, for him the underlying technology was much more critical. He added that he has unwavering faith in the disruption this technology causes to both institutions and individuals. The technological revolution has brought about a massive change in how things work.
About the importance of block-chain technology, Solomon highlighted the following points:
- He argued that the real value of Bitcoin lies in the technology that supports it
- Developments in this technology and other new ledger-based tools may bring benefits to the world of traditional finance
- He said new technologies are crucial for the banking industry as they can drive the modernization of traditional banking platforms
- Block-chain technology can accelerate the speed of digitization of the way financial services are delivered
When asked if Salomon would allow and encourage his clients to engage in Bitcoin, he said, because bicoin is a speculative asset, it is important to offer Bitcoin to clients. They should be given the opportunity to bet on the behaviour of the currency market. The creation of a crypto-currency bureau was officially announced by the bank in May 2021, which successfully traded two types of Bitcoin derivatives. Including JP Morgan who had criticized the usefulness of Bitcoin earlier, Bitcoin has also been accepted as a valid asset by other major banking entities. As of July 2022, JPMorgan and Chase gave their wealth management clients access to crypto funds.
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