The CEO and Chairperson of Goldman Sachs, who also serves on the board of directors at the Wall Street banking enterprises, talked with journalists in detail about the future of the cryptocurrency market.
David Solomon was speaking at the CNBC show Squawk Box when he talked about the prospects of blockchain technology and its impact on the main financial infrastructure.
During the interview, Andrew Ross Sorkin asked Soloman about his stance on the predictions of cryptocurrencies transforming the financial markets for the better in the next decade.
He also asked Soloman if he was willing to participate in the process of becoming one of the founding members of the crypto building blocks. Solomon made it clear that he is bullish on all such matters and thinks positively about the digital disruption.
Talking to Sorkin, Solomon claimed that the financial infrastructure at its base is going to change with the intervention of blockchain and cryptocurrencies.
He also said that basically, people are going to find new ways to make monetary interactions and the way that money moves around for everyday small purchases around the globe. He further explained that with cryptocurrencies, the procedure for keeping track of the money trail is going to transform.
According to the Chairperson, cryptocurrencies are the perfect formula that can update the automation and efficiency of the financial payments systems around the globe.
With blockchain and related technologies, the companies will be able to offer cheaper products and services to their clients and decrease the friction in systems like remittances, etc. He also shared that his organization has been investing in several projects to make that jump.
Current Regulatory System is Stopping Blockchain Innovation
Talking to the interviewer at CNBC, Solomon claimed that the current regulatory system confines the cryptocurrency and blockchain developers from creating big changes fast.
He further added that the client feedback at Goldman Sachs shows an increasing demand and interest in crypto-related innovation. Therefore, the organization has been funding projects that can potentially offer a helping hand in the same direction.
As per Solomon, Goldman Sachs is trying to support and fund the projects like repo for the blockchain networks. He claimed that the company is also researching the matter of loan feasibility with cryptocurrencies. He said in the end that, at present, he does not want to enforce any idealistic position on the matter.
At the same time, Solomon maintained that he is not as much concerned with the current market value of Bitcoin but more excited about the upcoming innovations supported by blockchain networks.