The financial giant Goldman Sachs announced that David Solomon will be taking over the reins at the bank, ending a 12-year-long tenure of the current Chairman and CEO Lloyd Blankfein in October. Mr. Solomon will be appointed to both positions, while the still incumbent Goldman boss will take on a role of Senior Chairman in a retirement ceremony, scheduled for the September 30th.
Unlike the majority of Wall Street bankers, Mr. Solomon has expressed a somewhat positive outlook towards digital currencies, claiming that the bank must “evolve its business and adapt to the environment”. Curiously, the new Goldman Sachs head is different from most of his peers in more ways than just fondness for crypto. He is also an avid electronic music lover, going by the moniker DJ D-Sol, boasting over 10,000 Instagram followers and 500,000 monthly listeners on Spotify.
Prior to his promotion, Solomon performed the duties of President and Co-COO, and also acted as Global Co-Head of Investment Banking. He touched upon bitcoin in a recent interview with Bloomberg when he claimed that, “We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.“
Notably, Mr. Blankfein has warmed up to cryptocurrencies over the past year, saying it would be too “arrogant” to dismiss them.
Still thinking about #Bitcoin. No conclusion – not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold.
— Lloyd Blankfein (@lloydblankfein) October 3, 2017
Such news are exciting for the entire crypto sphere, as Goldman Sachs is currently the 5th-largest bank in the United States, holding approximately $916 billion worth of assets, which is more than three times as much as all of the cryptocurrencies combined. Couple the appointment of a crypto-savvy CEO with the recent announcement that Goldman is opening the first bitcoin trading desk in Wall Street and you have an excited crypto industry, which has already gone through an unexpected surge.
All of the major digital currencies have seen gains of 5 to 10 percent in a crazy 30 minute period yesterday and have stabilized to remain at the new levels. A number of positive news have likely caused the surge, the most significant of which was $6.3 trillion asset management fund BlackRock announcing their interest in bitcoin and blockchain technology.
The resurgence of the crypto bull market has got the crypto aficionados delighted and hopeful that the slump that has haunted the digital asset industry pretty much since the beginning of the year might be finally over.
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I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.