‘Super Interesting’ Bitcoin Needs US Govt Backing Before We Support Crypto: Goldman Sachs

Goldman Sachs is waiting to throw its hat in the cryptocurrency ring until the U.S. government gives the asset a thumbs-up,
American Banker reports. At the DTCC conference this week, Martin Chavez, global co-head of the securities division at Goldman,
outlined that we shouldn’t expect to see the investment bank get more involved with crypto until it has solid backing.

That doesn’t mean they’re not interested in the technology, however. Chavez notes,

“We still have things that take overnight or a couple of days. The service level agreement is not where we want it. So there’s no
question in my mind that there’s super interesting technology there.”

Goldman Sachs executives believe in the future of cryptocurrency but are leaning towards stablecoins as the solution rather than
bitcoin. Chavez continues his reasoning, explaining how a government-backed currency provides market confidence,

“If we’re in the jurisdiction of the U.S. and I owe you some money and I give you one of these bills and you accept it, I’ve
extinguished the debt and it’s backed by the force of the sovereign. I wouldn’t forget that as I start thinking about digital
currencies and somehow going around sovereign.”

Reference: https://www.ccn.com/super-interesting-bitcoin-needs-us-govt-backing-before-we-support-crypto-goldman-sachs

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