Goldman CEO: Bitcoin No Dollar Threat

Goldman CEO: Bitcoin No Dollar Threat

Goldman Sachs CEO David Solomon dismissed Bitcoin as a threat to the U.S. dollar, describing it as an "interesting speculative asset" with valuable underlying technology. Speaking at the World Economic Forum on Jan. 22, Solomon emphasized his belief in the U.S. dollar's dominance and noted Goldman’s ongoing research into blockchain technology to reduce friction in financial systems.

Solomon clarified that regulatory constraints currently prevent banks from directly engaging with Bitcoin. "We can’t own or be involved with Bitcoin at all," he said, but acknowledged the potential for future discussions if regulations evolve.

Echoing this sentiment, Lee Bratcher, president of the Texas Blockchain Council, argued that dollar-pegged stablecoins could reinforce U.S. dollar dominance globally. Bratcher emphasized that expanding access to stablecoins is critical to maintaining the dollar as the world’s reserve currency.

Bitcoin’s price recently rose by 7.89% to $102,911, while Goldman plans to spin out its cryptocurrency platform within 18 months, pending regulatory approval.

Musk Praised as ‘Einstein’ by Dimon

JPMorgan Chase CEO Jamie Dimon and Tesla CEO Elon Musk have reportedly resolved their long-standing differences following a heartfelt conversation at a JPMorgan technology conference in March 2024. During an interview with CNBC at the World Economic Forum in Davos, Switzerland, Dimon revealed, “Elon and I hugged it out. We had a nice, long chat and settled some of our differences.”

The two had previously clashed, dating back to Musk’s frustration with JPMorgan’s refusal to underwrite Tesla vehicle leases. This dispute led Musk to withdraw Tesla’s commercial banking business from JPMorgan, creating years of strained relations. The tension escalated in 2021 when JPMorgan sued Tesla for $162 million over a trade dispute, with Tesla countersuing. However, both parties settled their legal battle in December 2024, agreeing to reestablish a commercial relationship.

Dimon now praises Musk, calling him “our Einstein,” and expressed his willingness to support Musk and his companies moving forward. As Musk takes on a prominent role in President Donald Trump’s administration as head of the Department of Government Efficiency, Dimon wished him success, stating, “Government needs to be more accountable and outcomes-based. I wish them the best.”

Both JPMorgan and Tesla declined to comment on the reconciliation.

Stargate: Trump’s $500B AI Project

OpenAI CEO Sam Altman, alongside President Donald Trump, SoftBank’s Masayoshi Son, and Oracle’s Larry Ellison, announced the Stargate Project—a $500 billion initiative to advance U.S. artificial intelligence infrastructure. The project will start with $100 billion in funding from OpenAI, SoftBank, Oracle, and Abu Dhabi-based MGX, aiming to create 100,000 jobs and establish cutting-edge data centers nationwide. Altman described Stargate as “the most important project of this era,” emphasizing its role in securing U.S. leadership in AI over global competitors like China.

While proponents praise its potential for economic growth and AI innovation, critics question its feasibility and risk. AI skeptics like Gary Marcus argue the benefits of AGI, central to Stargate’s vision, are overhyped and poorly understood. Others warn about the exclusion of independent researchers and the risks of autonomous AI systems.

With Trump framing Stargate as a national imperative and dismantling regulatory barriers, the stakes couldn’t be higher.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.