Goldman Sachs CEO talks bitcoin and cryptocurrency during earnings call

Goldman Sachs CEO David Solomon touched on the importance of bitcoin and cryptocurrency during the bank's earnings call Wednesday morning, indicating how central the market has become for Wall Street's top banks. 

"I also want to touch on the topics of cryptocurrency blockchain and the digitization of money," he began, saying:

"Central banks are looking at digital currencies, working to apply this technology to the local markets and determine the longer term impact on global payment systems. Also significant focus on cryptocurrencies like Bitcoin, where the trajectory is less clear as market participants evaluate their possibility as a store of value."

Goldman Sachs recently made headlines for suggesting it would offer clients of its private wealth division access to bitcoin-related products. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

"We continue to look for ways to expand our capabilities to support our clients needs," Solomon said, according to a transcript obtained by The Block.

Still, Solomon said that while the bank can't trade bitcoin on a principal basis, cryptocurrencies are "important to the future of global financial systems."

As for Goldman's plans in the retail crypto market, it doesn't look like the bank is going to be operating in that space anytime soon, according to Solomon. 

"At the moment we are not focused on offering a crypto wallet," he said responding to a question about how Goldman's Marcus brand could capitalize on the current activity around bitcoin. "With respect to crypto payment systems ... we've been much more focused on the institutional side," Solomon went on to say.

Correction: An earlier version of this report incorrectly attributed comments about bitcoin and gold to Goldman Sachs CEO David Solomon. The quote has been removed from this report. 

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].