“At the end of the day, I’m a big believer in the US dollar,” David Solomon said.
Goldman Sachs CEO David Solomon believes Bitcoin (BTC) will be unable to compete with the US currency.
Speaking with CNBC’s Andrew Ross Sorkin in Davos on Wednesday, Solomon classified Bitcoin as a speculative asset. However, he added that it cannot surpass the dollar, indicating that the
“At the end of the day, I’m a big believer in the US dollar,” the CEO said Wednesday. “Bitcoin is a speculative asset, an interesting speculative asset. I don’t think there’s a lot more to ask about this, though.”
JUST IN: 🇺🇸 Goldman Sachs CEO Solomon says, “I don’t see Bitcoin as a threat to the US Dollar.” pic.twitter.com/wYNn634meW
— Bitcoin Magazine (@BitcoinMagazine) January 22, 2025
“I do not think Bitcoin is a threat to the US dollar,” he added.
Trump’s Bitcoin reserve plan doesn’t change Goldman’s crypto strategy
Solomon’s comments came despite President Donald Trump’s desire to create a “strategic Bitcoin reserve.” Trump has declared that the US government intends to preserve every Bitcoin it now owns or acquires in the future as part of this reserve.
Sorkin asked Solomon if Trump’s proposed strategic Bitcoin reserve would affect Goldman Sachs’ view on cryptocurrencies. Solomon avoided a direct response, instead emphasizing the bank’s expertise on crypto’s underlying technology.
He stated that the banking behemoth is aggressively researching and implementing this technology to better the financial system. However, he noted that rules still prohibit the bank from holding, trading, or directly dealing with Bitcoin.
Goldman Sachs CEO hints at entering crypto markets if regulations improve
This is consistent with Solomon’s comments in December, when he said Goldman Sachs would explore becoming a spot market maker for key cryptocurrencies if laws became clearer.
“You have to ask regulators because, at the moment, as a regulated banking institution, and I think you know this, we’re not allowed to own a cryptocurrency like Bitcoin,” the CEO said.
Solomon said that the regulatory landscape for digital assets may shift under the upcoming Donald Trump government. However, he added that it is “unclear” how it would evolve.
Despite this uncertainty, Goldman Sachs stated in 2023 that over half of the family offices it deals with are interested in using digital currencies into their portfolios.
Chainlink price targets $50 on bullish flag pattern breakout, predicts popular analyst
Chainlink’s price has risen by 50% in the previous nine days and is looking for a breakout over $27 to fuel another 100% LINK climb to $50 or higher.
Chainlink price movement has recently been on investors’ radar, with technical chart setup indicating a potential advance to $50. On the weekly chart, LINK is trading 12% higher, vying for a position in the top ten crypto list. The decrease in LINK supply on the exchanges may contribute to the price surge ahead.
Will Chainlink price rally 100% from here?
Following a bottom at $18 on January 13, the Chainlink price increased by 50%, reaching $27. However, amid the overall crypto market sell-off, the LINK price is trading 5.85% lower at $24.38 as of press time.
Prominent cryptocurrency researcher Ali Martinez has identified a big bullish breakthrough for Chainlink (LINK), indicating that the token is on pace to reach $50.
“Chainlink (LINK) is in the middle of a bullish breakout, targeting $50!” Martinez explained in a recent piece.
LINK testing key support levels
However, for the breakout to occur, the Chainlink price must break out of the restricted range of $24-$27. After three days of rallying, LINK was rejected at the resistance level of $27.14. Furthermore, after a sharp reversal of more than 5.5% today, LINK is now again challenging support at $24.128.
A bullish breakout over the $27.14 resistance level, as suggested by trend-based Fibonacci levels, might accelerate the price to the 61.80% level at $32.027, implying a about 32% increase.
A bearish closure below $24.128, on the other hand, might result in a drop to the 50 EMA line at $21.97, posing a 15.15% downside risk.
On-Chain metrics and key development
Santiment, a blockchain analytics platform, has indicated that two important on-chain measures point to bullish momentum for the Chainlink price. Over the last month, the supply of LINK on exchanges has decreased by 0.95%, indicating less selling pressure as investors shift tokens off trading platforms.
On the other hand, the average age of LINK in wallets has fallen by 6.3%, indicating increasing activity and a potential move toward accumulation among holders.
Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is becoming increasingly popular. Sonic Labs, a blockchain platform, has formally announced the adoption of Chainlink’s CCIP, while also providing developers with sophisticated tools for cross-chain token transfers and messaging features.
Sonic Labs’ goal with CCIP is to encourage seamless interoperability, allowing for the development of high-performance decentralized financial (DeFi) systems.
Dogecoin ETF may be coming soon, Bitwise files registration
Bitwise has submitted filings with the Delaware Department of State to petition for the registration of a Bitwise Dogecoin ETF.
On January 22, Bitwise Asset Management, a crypto fund manager, submitted paperwork to register for a Dogecoin (DOGE) exchange-traded fund. The filing may be seen on the Delaware Department of State’s Division of Corporations official website. The agent listed on the document was found to be CSC Delaware Trust Company.
Bitwise’s application signifies the beginning of the process of establishing a Dogecoin ETF under the fund management. A few hours after the news emerged, the Polymarket poll betting chances on whether a Dogecoin ETF will be approved by the SEC in 2025 were around 50%.
Dogecoin’s trade price has dropped by 3.18% in the last 24 hours, to $0.35, according to statistics from crypto.news. In the last week, the Shiba Inu currency has fallen by about 7%. DOGE now has a market capitalization of about $52 billion and a 24-hour trading volume of $2.8 billion.
As previously reported by crypto.news, Dogecoin’s price movement has been indicating a bullish breakout amid the recent cryptocurrency rise.
Is a Dogecoin ETF on the horizon?
Just two days before Bitwise’s Dogecoin ETF registration, REX Shares filed for a Dogecoin ETF with the US Securities and Exchange Commission. Aside from Dogecoin, REX Shares has also registered for ETFs based on the official TRUMP meme coin, Bitcoin, Ethereum, XRP, Bonk, and Solana.
Eric Balchunas, a senior ETF analyst at Bloomberg, described the ascent of the Dogecoin ETF as “surreal” in a recent article on X. He had earlier expected that a Dogecoin filing would occur near the end of December.
Dogecoin has gained traction in recent months, after President-elect Donald Trump’s announcement of the Department of Government Efficiency, which aims to simplify government processes. The acronym “DOGE” refers directly to Dogecoin’s ticker.
The new department was scheduled to be managed by Elon Musk, a DOGE aficionado, and Vivek Ramaswamy, an American politician. However, on January 21, Ramaswamy announced his resignation from the position, leaving Musk and his team to run the department.
