- Jerome Powell, Federal Reserve Chair also compared Bitcoin to gold in a December 2024 appearance at the DealBook Summit in New York.
- In November 2024, it was reported that Goldman Sachs was developing to draw out its crypto platform to make a new firm aimed at making and trading financial instruments.
- The US Dollar Index (DXY) is at 108.310, which is up 0.14% in the last month. In that same duration, BTC hovered around $102,911, as per TradingView.
The Chief Executive Officer of Goldman Sachs, David Solomon believes that Bitcoin is not a danger to the US dollar and says that its fundamentals are valuable for banks. On January 22, he gave an interview to CNBC at the time of the World Economic Forum in Davos, Switzerland in which he passed the abovementioned statement.
As per the CEO, he is a big believer in the US dollar and referred to Bitcoin as an interesting speculative asset. He further went on to add that the key technology is a focus of notable research at the company to test it in different ways that could create less friction in the financial system. And, it is very important.
At the same time, he said this from a regulatory perspective, not much has transformed as per the restrictions banks face in utilizing Bitcoin.
Bratcher’s point of view
“At present, from a regulatory point of view, we can’t own, we can’t principal, we can’t be associated with Bitcoin completely. And, if the world changes, we can have a discussion about it, Sachs mentioned.”
The statement of Solomon sounds like a similar sentiment to Lee Bratcher, the president and founder of the Texas Blockchain Council. Bratcher recently revealed that overcollateralized, dollar-pegged stablecoins would probably extend US dollar dominance.
Bratcher further went on to say that, If we want to carry on US hegemony, we need the dollar to be the world’s reserve currency. For that to occur, we need stablecoins to grow rapidly because stablecoins are giving dollar access to people all over the world.
BTC is not a direct competitor to the US dollar
Jerome Powell, Federal Reserve Chair also compared Bitcoin to gold in a December 2024 appearance at the DealBook Summit in New York and confirmed that BTC was not a direct competitor to the dollar.
As per the data from TradingView, the US Dollar Index (DXY) is at 108.310, which is up 0.14% in the last month. In that same duration, BTC hovered around $102,911 and has witnessed a significant rise of 7.89%.
In November 2024, it was reported that Goldman Sachs was developing to draw out its crypto platform to make a new firm aimed at making and trading financial instruments on blockchain networks.
At the time the news was reported, the global head of digital assets, Mathew McDermott said that the drawout will be concluded in the coming 12 to 18 months, pending regulatory approvals.
