Discussing the leading crypto, Goldman Sachs CEO David Solomon said that Bitcoin can be similar to gold in that it serves as a “store of value.” Indeed, the investment bank’s head recently talked with CNBC live from the summer Olympics in France. There, he talked about BTC and his position on the token.
The comments come as Bitcoin has dominated discussion regarding its potential as a reserve asset. Donald Trump has promised to use the cryptocurrency as a strategic reserve, should he be reelected in November. Moreover, US Senator Cynthia Lummis has recently introduced a bill calling on the US Treasury to hold the token.
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Goldman Sachs Head Gives His Two Cents on Bitcoin Debate
Bitcoin has been a major talking point in 2024. The asset represented the first crypto-based ETF in the US, while it reached an all-time high of $73,000 in March of this year. Its status has become undeniable. Now, the debate has persisted regarding its use cases on a government level.
In a recent interview, Goldman Sachs CEO David Solomon said that Bitcoin can be like gold, serving as a store of value. However, he was also clear in his uncertainty about the token. He noted that, as an investment opportunity, he isn’t so sure about it.
“I’ve always said I think its a speculative investment,” Solomon told NBC. Although he did say blockchain technology was “super interesting,” he noted that he doesn’t “see any real use case,” for Bitcoin. Yet, he noted that there is potential.
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“There very well could be a store of value case” for BTC, Solomon added. That would certainly place it in the same context as gold. However, Solomon has already noted Bitcoin’s potential to surpass gold. In a 2021 interview, he spoke on both assets.
“Bitcoin is on an inevitable path to have the same market capitalization and then a higher one than gold,” he said. The statement came during the same year that Goldman Sachs launched a crypto desk.
BTC would be immensely valuable as a store of value. Moreover, it would support Trump and others’ assertion of its place as a strategic reserve asset. It does seem like it’s only a matter of time until that comes to fruition.