Bitcoin not a threat to the US dollar, says Goldman Sachs CEO

Bitcoin poses no threat to the dominant position of the US dollar, according to David Solomon, CEO of Goldman Sachs. In an interview with CNBC during the World Economic Forum, he emphasized the value of the technology behind Bitcoin, while calling the coin itself an “interesting speculative asset.” At the same time, regulations remain an obstacle for banks to work with Bitcoin.

Bitcoin and the US dollar

During the World Economic Forum in Davos, Solomon said in an interview with CNBC that Bitcoin does not pose a threat to the position of the US dollar. “I am a strong believer in the US dollar and do not believe Bitcoin is a threat to it,” he said. However, he emphasized that Bitcoin remains interesting as a speculative asset.

Blockchain as a focus for innovation

Although Goldman Sachs is currently not allowed to have direct involvement in Bitcoin due to regulations, the bank is actively exploring the underlying technology. According to Solomon, blockchain technology can ensure less friction in the financial system. “That is extremely important,” he said. However, regulatory restrictions remain an obstacle. “From a regulatory perspective, we are not allowed to do anything with Bitcoin. If the world changes, we can discuss that again.”

Stablecoins and the role of the dollar

Solomon’s comments echo previous statements by Lee Bratcher, chairman of the Texas Blockchain Council. Bratcher indicated that stablecoins pegged to the US dollar could strengthen the dollar’s position as a global reserve currency. “Stablecoins provide people all over the world with access to dollars. This is essential to maintain the dollar’s dominance,” Bratcher said.

Movements in the market

The US Dollar Index (DXY) currently stands at 108.310, up 0.14% in the past month. At the same time, Bitcoin has gained 7.89% over the same period, with a current price of $102,911, according to data from TradingView.

Goldman Sachs plans

Goldman Sachs is currently working on a spin-off of its cryptocurrency platform. This new company will focus on the development and trading of financial products on blockchain networks. According to Mathew McDermott, head of digital assets at Goldman Sachs, the spinoff could be completed within 12 to 18 months, subject to regulatory approval.

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