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Goldman Sachs ‘Absolutely’ Eyeing Crypto, Doesn’t Expect Stock Market Crash

David M. Solomon, Chairman and CEO of Goldman Sachs, has hinted at the bank developing its own cryptocurrency. | Source:   REUTERS/Mike Blake
David M. Solomon, Chairman and CEO of Goldman Sachs, has hinted at the bank developing its own cryptocurrency. | Source: REUTERS/Mike Blake

If you can’t beat ’em, join ’em. That’s the prevailing mindset on Wall Street when it comes to crypto. The latest to (re)-hop on the bitcoin/blockchain bandwagon is Goldman Sachs CEO David Solomon.

Solomon: All the Big Dogs Are Considering Crypto

Solomon told French financial newspaper Les Echos that Goldman Sachs is “absolutely” considering its own cryptocurrency — following the lead of rival JPMorgan, which is testing its JPM Coin.

In fact, Solomon says you should assume that all major investment banks are considering making a foray into crypto.

“Absolutely! Many people are looking in this direction. But it is too early to say which platform will prevail…Assume that all major financial institutions around the world are looking at the potential of “tokenization,” “stable wedge” and frictionless payments.”

Goldman Sachs CEO David Solomon Mulls Own Crypto Amid Bitcoin Boom
Goldman Sachs CEO David Solomon Mulls Own Crypto Amid Bitcoin Boom

‘This Is the Direction Payment Systems Will Go’

When asked if Goldman Sachs is talking to Facebook about its Libra crypto project, Solomon coyly suggested that it’s likely.

Solomon says he can neither confirm nor deny if Goldman has been in discussions with Facebook. However, he admits that the disruptive potential of blockchain and cryptocurrencies is undeniable.

Read the full story on CCN.com.