David Solomon, Chief Operating Officer of Goldman Sachs (one of the most successful financial firms in the world), announced on Wednesday that the bank is considering expanding its involvement in crypto trading to incorporate more types of investment. Currently, it only helps its clients invest in futures (derivatives linked to Bitcoin prices) but not in Bitcoin or other cryptocurrencies themselves directly.
“Adapt to the Environment”
Wall Street veteran Solomon, who has been touted to succeed long-standing CEO Lloyd Blankfein as head of the massive investment bank, broached the topic in an interview with Bloomberg TV in China. Responding to a question regarding cryptocurrencies, Solomon said that the Bank would need to “evolve its business and adapt to the environment.”
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
The conventional investment community and major banks have consistently vacillated in their opinion of cryptocurrencies as an investment vehicle over the past couple of years. Head of Goldman’s arch-rival JP Morgan, CEO Jamie Dimon, has on occasion called Bitcoin a “fraud” but then backtracked those statements, apologizing for misunderstanding the technology. In late 2017, the markets for crypto futures contracts started. And since then, Goldman has made progress with its crypto trading desk.