Goldman Sachs CEO David Solomon has said that Bitcoin (BTC) is not a threat to the U.S. dollar — as it is a speculative asset. However, Goldman Sachs cannot embrace Bitcoin at the moment due to regulatory constraints, Solomon quipped. BTC Doesn’t Threaten US Dollar Speaking during a Wednesday interview with CNBC’s Squawk Box , Goldman’s boss, David Solomon, said Bitcoin is not in competition with the United States dolla r. “I don’t see Bitcoin as a threat to the US dollar,” Solomon opined. “At the end of the day, I’m a big believer in the U.S. dollar… [and] Bitcoin is a speculative asset, an interesting speculative asset, I don’t think there’s a lot more to ask about this, though.” Solomon’s statements come at a time when the crypto community is keen to see whether President Donald Trump will fulfill his promise to create a national Bitcoin reserve, a key pledge during his re-election campaign. When asked whether Goldman Sachs’ approach towards cryptocurrency will change under the new Trump regime, Solomon noted that the banking institution has already been leveraging Bitcoin’s underlying technology, blockchain, to reduce friction within financial systems. “Well, first, you know, we’ve had this conversation a number of times. The underlying technology is something we’ve spent a lot of time on. It’s something that we’re utilizing and testing to create less friction in the financial system. Super important,” the banker posited. However, Goldman Sachs still can’t get involved with Bitcoin from a regulatory perspective. “At the moment, from the regulatory perspective, we can’t own, we can’t principle, we can’t be involved with Bitcoin,” Solomon said, suggesting possible changes if the regulatory structure evolves. Solomon echoed a similar sentiment last month, indicating that Goldman Sachs’ ability to participate in spot Bitcoin and Ethereum trading is currently limited due to regulatory restrictions. However, the bank is open to assessing the opportunity to engage in market-making for these digital assets if the regulatory environment shifts. Meanwhile, Goldman Sachs was the second-biggest holder of BlackRock’s iShares Bitcoin Trust , according to the bank’s latest SEC filing for the quarter ending September 30. Goldman also had $79.5 million in the Fidelity Bitcoin ETF, $35.1 million in the Grayscale Bitcoin Trust, and $56.1 million in the Invesco Galaxy Bitcoin ETF.
