Goldman Sachs CEO's Paris Olympics Remark Sparks Controversy, Suggests "Bitcoin Likely Serves as a Store of Value"

The CEO of Goldman Sachs, David Solomon, who had previously been skeptical about cryptocurrencies, surprisingly stated during an interview with CNBC at the Paris Olympics that "Bitcoin may very well be a store of value." His decision to travel to Paris on the company's luxury jet has also sparked discontent among employees.

Goldman Sachs CEO's Stance on Crypto Softening?

According to a report by The Block, Solomon has not invested in Bitcoin or any other cryptocurrencies, as he sees it as a speculative investment without real use cases. However, Solomon also mentioned that the underlying technology behind cryptocurrencies is very interesting and emphasized that as the financial system becomes increasingly digital, the technology could progress to eliminate friction in the financial system.

When asked about its use case as a store of value, he admitted:

Bitcoin could very well have a store of value case.

Goldman's Role in the Crypto Space

Earlier this year, Goldman Sachs and several other companies completed a series of tests on the Canton Network, which is an interoperable "network designed for institutional assets" created by blockchain software company Digital Asset.

Microsoft and Goldman Sachs participated in the Canton blockchain, tailored to provide traditional financial services

According to the amended S-1 form of the Bitwise Bitcoin Spot ETF IBIT, Goldman Sachs has also joined as an Authorized Participant, known as AP, for negotiations. This is one of the most crucial roles in the multi-trillion-dollar ETF industry, involving the creation and redemption of ETF shares to maintain consistency between the net asset value (NAV) and the market value of the ETF.

Goldman Sachs also plans to launch three new tokenized products later this year, showing the company's commitment to embracing digital innovation in the financial sector.

The head of digital assets in the Asia-Pacific region, Max Minton, indicated that the approval of ETFs has indeed piqued client interest:

Since the beginning of this year, we have seen significant growth in client interest in the crypto space, primarily from traditional hedge funds and asset management institutions.

Goldman Sachs CEO's Ban on Staff Attending Olympics Raises Controversy

According to the report by New York Post, three months ago, Solomon issued a strict ban on his employees using company funds to fly to sports celebration events. However, he himself flew to Paris on the company's newly purchased $66 million private luxury jet, a Gulfstream G650ER.

Invited by French President Macron, Solomon had lunch at the French presidential palace and had conversations with CEOs such as Elon Musk of Tesla, Joseph Tsai of Alibaba, Zhang Yiming of TikTok, and Brian Chesky of Airbnb.

Solomon's trip seemed to have sparked discontent among Goldman Sachs employees, as the company had only recently ordered that employees were not allowed to entertain clients with drinks and meals in Paris during the Olympics without prior approval from the company's finance personnel. However, Solomon openly gave media interviews at the Olympic venue, talking optimistically about the Olympics' role in social unity and calling it an important client event.