Goldman Sachs made its first reference to the popularity of cryptocurrencies in its 2024 shareholder letter, calling it one of the important trends in the fintech space. "The growth of electronic trading and the introduction of new products and technologies, including cryptocurrencies and distributed ledger technology (DLT) as well as artificial intelligence technologies, have intensified competition in the industry," the letter said. Goldman acknowledged that competitors may offer financial products, including cryptocurrencies, that may be more popular with clients, although Goldman has chosen not to offer related services at this time. Goldman Sachs has continued to explore the application of blockchain technology since launching a cryptocurrency trading platform in 2021 and a digital asset platform in 2022. In addition, Goldman Sachs is one of the few banks involved in testing a blockchain communication system, Canton Network, showing the growing interest in blockchain technology among traditional Financial Institution Groups. However, Goldman also warned that distributed ledger technology and cryptocurrencies are still in their early stages and may present cyber security risks and other potential weaknesses. Goldman Sachs CEO David Solomon has repeatedly said that bitcoin is a "speculative asset," but he has also acknowledged the potential of blockchain technology to revolutionize the financial system. In the fourth quarter of 2024, Goldman Sachs significantly increased its holdings of two bitcoin spot ETFs, indicating that its attention to the cryptocurrency market continues to increase.