David Solomon, CEO of Goldman Sachs and a longtime skeptic of cryptocurrencies, revealed on Wednesday that he personally owns a small quantity of Bitcoin.
The executive said he has “very little, but some” Bitcoin in his cryptocurrency holdings during his speech at the World Liberty Forum at President Trump’s Mar-a-Lago resort in Palm Beach, Florida.
The 64-year-old Wall Street titan’s disclosure comes as Bitcoin is currently trading below $70,000, down from previous market highs. He did not indicate the amount of his investment or how long he has had it.
At the gathering, which was hosted by Donald Trump Jr. and Eric Trump, the president’s sons, Solomon stated that he is keeping a careful eye on the digital currency in light of larger developments in financial technology.
Cryptocurrency and traditional finance shouldn’t be viewed as competitors, Solomon said, adding that tokens will be “super important” in the future.
“It’s one system; it’s our system,” he said. “It must be done correctly.”
The CEO of 200 West St., who succeeded Lloyd Blankfein in 2018, has previously expressed pessimism about cryptocurrency, a view that was once common on Wall Street, that it was highly speculative. In 2021, Jamie Dimon, Solomon’s colleague at JP Morgan, stated that Bitcoin “has no intrinsic value.”
However, Goldman has expanded its crypto engagement under Solomon’s direction by offering institutional clients custody services and trading desks.
The second Trump administration has chosen a more lax approach to crypto regulation, which has changed Wall Street’s sentiment about digital currencies.
Banks and governments are not involved in the trade of Bitcoin. Transactions provide anonymity, which has made it popular among those who wish to conceal their identities and financial activities.
These digital currency are produced by so-called “miners” who run computer farms that solve challenging mathematical puzzles to validate the transactions of other users.
In return for their time and effort, these miners get paid in Bitcoin. When deposited into accounts at online trading prices, it can be turned into cash.
