tl;dr
Goldman Sachs CEO, David Solomon, has expressed openness to engaging with cryptocurrencies if regulatory changes occur under President Donald Trump. He emphasized the need for more favorable US regulations for the investment bank to directly invest in Bitcoin and Ethereum. Solomon mentioned that the...
Goldman Sachs CEO, David Solomon, has expressed openness to engaging with cryptocurrencies if regulatory changes occur under President Donald Trump. He emphasized the need for more favorable US regulations for the investment bank to directly invest in Bitcoin and Ethereum. Solomon mentioned that the current regulatory framework limits their ability to act in the crypto markets.
Although Goldman Sachs cannot buy or sell cryptocurrencies at the moment, the company holds significant investments in Bitcoin ETFs. Solomon's comments coincide with President-elect Trump's promise of a crypto-friendly government and his choice of a crypto advocate as SEC chief. Additionally, sources revealed that Trump reportedly hopes for Bitcoin to surpass $150,000 during his presidency, following his previous statements taking credit for Bitcoin's rise to $100,000.
Speaking at a Reuters conference, CEO David Solomon said on Tuesday that the existing regulatory framework has to evolve so that the company can invest directly in Bitcoin and Ethereum. He added that there is a lot of attention around the crypto space now, but it is still unclear how the regulations will change under the new administration.
He further clarified that though Goldman Sachs has explored digital assets, as a regulated financial institution, it cannot buy or sell cryptocurrencies like Bitcoin or Ethereum at the moment. However, the company does own significant holdings in Bitcoin ETFs. According to a filing with the Securities and Exchange Commission from November 14, Goldman Sachs holds about $718 million in eight ETFs. The bank has made an investment of $461 million in BlackRock’s Bitcoin ETF, among others.
Goldman Sachs CEO David Solomon’s comments come as President-elect Donald Trump has promised a crypto-friendly government. With his choice of crypto advocate Paul Atkins as SEC chief, the president seems to be staying true to his promises. The SEC is now more likely to adopt a friendlier approach towards crypto investors. Meanwhile, Axios’ sources have revealed that Donald Trump apparently “would love” for Bitcoin to keep rising and eventually pass $150,000 after he takes office.
This was after Trump took credit for Bitcoin’s meteoric rise to an all-time high of $100,000 last week.