Goldman Sachs CEO David Solomon spoke about the importance of bitcoin and cryptocurrency during the bank’s earnings call on Wednesday morning, noting how central the market has become to Wall’s major banks. Street.
“I also want to touch on the topics of cryptocurrency blockchain and the digitalization of money,” he began, saying:
“Central banks are examining digital currencies, working to apply this technology to local markets, and determine the longer-term impact on global payment systems. a store of value. “
Goldman Sachs recently made headlines for suggesting it would offer clients in its private wealth division access to bitcoin-related products.
“We continue to look for ways to expand our capabilities to meet the needs of our customers,” Solomon said, according to a transcript obtained by The Block.
Still, Solomon said that while the bank cannot trade bitcoin on a primary basis, cryptocurrencies are “important to the future of global financial systems.”
As for Goldman’s plans in the retail crypto market, it doesn’t look like the bank will be operating in that space anytime soon, according to Solomon.
“At the moment, we are not focusing on offering a crypto wallet,” he said in response to a question on how Goldman’s Marcus brand could capitalize on the current activity around the bitcoin. “When it comes to crypto payment systems… we’ve focused a lot more on the institutional side,” Solomon continued.
Correction: An earlier version of this report mistakenly attributed comments on bitcoin and gold to Goldman Sachs CEO David Solomon. The quote has been removed from this report.