Goldman Sachs CEO Calls Bitcoin Speculative, But Firm Expands Crypto Activities

David Solomon, CEO of Goldman Sachs, remains cautious about Bitcoin and other cryptocurrencies, describing them as speculative investments with no clear use.

In an interview, Solomon acknowledged the interesting potential of the underlying technology to reduce “friction” in the financial system as digitization increases.

He acknowledged that there could be a use case for Bitcoin for the purpose of “storing value“, though he refrained from extensive speculation on its price.

Despite Solomon’s conservative stance, Goldman Sachs continues to expand its reach in the crypto space. In 2021, the company launched a crypto desk, and Solomon suggested that Bitcoin could eventually surpass gold’s market cap.

Goldman’s involvement in the cryptocurrency sector is notable. In 2024, the company participated in the testing of the Canton Network, an interoperable platform for institutional assets developed by Digital Asset Holdings.