Goldman Sachs CEO Says Bitcoin Can Mirror Gold as a 'Store of Value'

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.

Goldman Sachs Bitcoin btc etf cryptocurrency market
Source: etftrends.com

Also Read: 93% Bitcoin Holders in Profit As BTC Reaches For All-Time High

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.

Gold and Bitcoin
Source: Watcher.Guru

Also Read: Goldman Sachs to Launch Three Tokenization Projects in 2024

“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.

  • bitcoin
  • GOLD
  • Goldman Sachs

Comments

Post a Comment

Popular posts from this blog

Investor Says BTC And cryptos Are Primed For A Big Turnaround

Image
A trader who is known for correctly calling the bottom of the crypto market in 2022 says that now “seems like a great time” for the market to turn around. Chris Burniske, a venture capitalist, tells his 260,100 Twitter fans that there are a lot of things going for Bitcoin (BTC) and other crypto currencies. “BTC at [200-week simple moving average], worst of Fed action is behind us, credit crunch is there but not a crisis, US gov unlikely to default, equities rallying while crypto lags — seems like a prime time for us to reverse — what am I missing?” Burniske also says that it looks like “a new product cycle” is about to start in the crypto world. “The availability of mature infrastructure for products to use is leaps and bounds beyond the last time this happened w/ DeFi (decentralized finance) Summer in 2020. If you’re not getting excited, you’re not paying close enough attention.” The venture investor is especially excited ...
Read more

Taurus and Teylor collaborate to tokenize German SME loans on TDX Marketplace

Taurus and Teylor Partnership. Teylor’s credit portfolio tokens, overseen by Allen and Overy, become tradeable on Taurus’ TDX marketplace. Taurus’ TDX marketplace, with $1 billion+ in transactions, solidifies Switzerland’s role in institutional-grade blockchain treatment for diverse asset classes. In a groundbreaking move, Swiss crypto custody firm Taurus, backed by Deutsche Bank, has joined forces with Zurich-based fintech lending platform Teylor. The collaboration aims to tokenize Teylor’s credit portfolio tokens, allowing them to be traded on Taurus’ TDX marketplace, signalling a significant step in the tokenization of traditional finance. Tokenizing German SME loans on TDX Marketplace Taurus and Teylor collaboration centers on tokenizing Teylor’s credit portfolio tokens, a move that aligns with the global trend of digitizing traditional financial assets. Overseen by law firm Allen and Overy, Teylor’s cred...
Read more

Zeebu Celebrates a Resounding Success at Exclusive Yacht Party during Token2049 Singapore

Image
Singapore – September 20, 2023   – Zeebu, the pioneering on-chain B2B invoice settlement platform, successfully concluded its Yacht Party during TOKEN2049 in Singapore on September 14th, 2023, setting the stage for an unforgettable evening. The event was a resounding success, attracting a significant number of industry leaders, experts, and investors for an evening of networking and insightful discussions. The Yacht Party also garnered attention from major industry media outlets, including Coingape and Bitcoinworld, further amplifying its impact.   Zeebu made its debut as a sponsor at TOKEN2049 Singapore, reinforcing its position as a key player in the industry’s premier event. The week was filled with excitement for the Zeebu team, with their booth at TOKEN2049 serving as a hub of activity. Zeebu’s co-founder and CMO, Raghavendra Hunasgi, delivered a keynote speech at the conference, further highlighting Zeebu’s commitment to the industry. In addition, Zeebu co-hoste...
Read more