Goldman Sachs CEO: Bitcoin Won't Threaten US Dollar Domination
JAKARTA - Although Bitcoin continues to be in the spotlight, Goldman Sachs CEO David Solomon firmly stated that this crypto asset does not threaten the position of the US dollar as a world reserve currency. In his view, Bitcoin is more of a speculative asset than a financial tool that can replace dollar dominance. This statement comes amid growing attention to the potential of blockchain technology and the role of crypto in the future financial system.
According to Solomon, Bitcoin is currently still considered a speculative asset that has not shown significant usefulness in the global financial system. He highlighted that the blockchain technology on which Bitcoin is based is promising, but its own cryptocurrency has yet to prove added value that can change the global economic landscape.
Solomon also mentioned that although blockchain technology is able to reduce friction in the financial system, Bitcoin has not become a major transaction tool or a stable store of value. "Bitcoin remains in the region of speculation," he said in a recent interview, as reported by The Block.
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Goldman Sachs, as one of the largest financial institutions in the world, is unable to directly engage in the Bitcoin market. Solomon explained that the main obstacle comes from strict regulations. This bank is not allowed to hold or trade Bitcoin directly.
However, Solomon does not rule out the possibility that Goldman Sachs's position on Bitcoin could change in the future, especially if there is a change in regulations. Currently, the bank's focus is more on exploring blockchain technology than its direct involvement in the Bitcoin sector.
When asked about former President Donald Trump's proposal regarding Bitcoin's strategic reserves for the US, Solomon considered the idea not to threaten the dollar's status as a global reserve currency. "Dolars have an advantage that Bitcoin cannot control," he stressed, adding that the stability and support of large financial institutions are the main powers of the dollar.