Digital Currency Revolution Series: Is Goldman Sachs CEO optimistic on cryptocurrencies?

The latest bitcoin/blockchain bandwagon is Goldman Sachs CEO David Solomon’s constructive standpoints on the booming industry.

Solomon went on to say, one should see that the major investment banks are considering making a foray into crypto.

The major wall street companies, like Nike, JP Morgan, Facebook have already been unveiling blockchain projects, JPMC with JPM coin, facebook with Libra, while Telegram is no exception. Samsung is reportedly intending to launch its own token platform; it seems that Ethereum background for the S10 is not sufficing. 

Well, before we run you through the further portion of this write-up, let’s just reiterate that the leading investment and trading platform, ‘eToro’ had also released the key inferences of a survey conducted on investors’ sentiment towards crypto-assets and traditional financial institutions. Wherein about 43% of Millennial online traders say they have less faith in the stock market than crypto-assets.

With this fact, one can understand that Wall Street players are now seeking attractive and promising investment avenue, perhaps owing to the apprehensions of higher probabilities of recession within the next several years or investors are more inclined towards alluring avenues of investments.

For now, Goldman Sachs seems to be testing their luck in the crypto participation of finance, as per the stances of the CEO, David Solomon.

Well, at an interview with the French news sources, Les Echos during the last weekend, Solomon mentioned that the investment bank “absolutely may come up with a JPMorgan like cryptocurrency launching. 

He further appended by saying that Goldman Sachs is carrying out “extensive research on asset tokenization and stable-coins.

Solomon continued: “Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins, and frictionless payments.”

Solomon revealed at the French source that gives us the impression that the go according to the crypto-trend, that’s the current mindset on Wall Street when it comes to crypto. 

David Solomon says governments are closely scrutinizing the burgeoning industry, so he believes that regulations are coming.

Solomon had different opinions when he was asked ‘can cryptocurrencies be a real threat to investment banks? He reckons that the banks must evolve to adapt to whatever disruptive changes that cryptocurrencies will usher in. Hence, such positive and accommodative commentaries from a legendary investment banker are deemed to be a constructive thing indeed for the entire industry.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -152 levels (which is highly bearish), while hourly USD spot index was at 81 (highly bullish) while articulating (at 07:22 GMT). 

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