In an interview with CNBC’s Squawk Box, David Solomon, CEO of Goldman Sachs, predicted that there would be “major developments” in digital currency in the coming years when asked if he would lobby with the forthcoming arrangements being discussed in Washington.
“This is an evolving space. I think there will be a lot of progress in how it evolves in the coming years.”
Despite the “significant” barriers to regulation, Goldman Sachs is exploring ways in which it can support cryptocurrencies for its customers after the demand for them blows up. David Solomon says his bank is moving carefully when it comes to cryptocurrencies.
“We continue to think about digital currencies and digitising money in a very precautionary way.”
Mary Rich, vice president of Goldman Sachs and head of digital assets, says investors see the top cryptocurrency as hedging against inflation or the new internet.
“There is a group of customers who see this asset as hedging against inflation, and last year’s macroeconomic scenario certainly played a big role in that. There is also a large group of customers who feel that they are somehow dawning on a new internet and are looking for ways to participate in this space. “