David Solomon, CEO of Wall Street investment bank Goldman Sachs, was interviewed by CNBC during the Olympic Games in Paris, France. Solomon, who was previously skeptical of cryptocurrencies, said that "Bitcoin is likely to be a store of value." His behavior of taking the company's luxury plane to Paris this time also caused dissatisfaction among employees.

Goldman Sachs CEO softens stance on crypto?

According to The Block, Solomon is not invested in Bitcoin or any other crypto asset, which he considers a speculative investment because there is no real use case. However, Solomon also mentioned that the underlying technology behind cryptocurrencies is very interesting, and emphasized that as the financial system becomes increasingly digital, its technology has been advanced to remove friction from the financial system.

When asked about use cases for its store of value, he relented:

There is likely to be a store of value situation with Bitcoin.

Goldman Sachs’ role in crypto

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

(The Canton blockchain, in which Microsoft and Goldman Sachs both participate, provides tailor-made traditional financial services)

According to the new S-1 form of BlackRock’s Bitcoin spot ETF IBIT, Goldman Sachs has also entered negotiations as an authorized participant (AP). One of the most important jobs in the multi-trillion dollar ETF industry, AP involves the creation and redemption of ETF shares to maintain consistency between the net asset value (NAV) and ETF market cap.

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

Max Minton, its head of digital assets in Asia Pacific, said that the approval of ETFs has indeed aroused customer interest:

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

Goldman Sachs bans employees from participating in Olympic Games, sparks controversy

According to the New York Post, Solomon banned his employees from flying to sporting events at company expense three months ago. Instead, he flew to Paris on the company's new private luxury jet, the Gulfstream G650ER, which was purchased for $66 million.

Solomon was invited by French President Macron to have lunch at the French Presidential Palace and talked with business owners such as Tesla CEO Musk, Alibaba's Tsai Chongxin, TikTok CEO Zhou Shouzi and Airbnb's Brian Chesky.

Solomon's trip appears to have sparked dissatisfaction among Goldman employees, who in April ordered employees not to win or dine clients during the Paris Olympics without prior approval from the company's financial staff. But it seems Solomon was not shy about being interviewed by the media at the Olympics, talking up the Olympics' optimism about social unity and calling it an important customer event.

This article Goldman Sachs CEO provoked controversy at the Paris Olympic Games and said “Bitcoin is likely to be a store of value” first appeared on Chain News ABMedia.