Bitwise’s Chief Investment Officer Matt Hougan explained the value of Bitcoin on Wednesday, CryptoPotato reports, in response to a recent interview with Goldman Sachs executive struggling to find the answer. Sharmin Mossavar-Rahmani, the chief investment officer of Goldman Sachs’ wealth management division, said she is still not a “believer in cryptocurrencies” even after the launch of the Bitcoin spot ETF in January. The executive claimed that it is difficult to assign any value to Bitcoin due to the lack of any inherent dividends, cash flows or earnings, according to The Wall Street Journal. “We don’t view it as an investment asset class,” she said. Her views echo those of other cryptocurrency skeptics such as Warren Buffett, and pioneers who denied their clients access to several Bitcoin spot ETFs that launched in January. The largest of these ETFs were launched by competitors BlackRock and Fidelity, which have a more bullish view on Bitcoin as “digital gold” and a more superior form of money. So far, these ETFs have attracted $12 billion in net inflows, and financial platforms that were initially closed to these products, such as Merrill Lynch, are now accessing them. Last month, Bitwise's Hougan said financial advisors are slowly embracing cryptocurrencies, but questions remain about Bitcoin's "lack of cash flow." In response to Goldman's allegations on Wednesday, Hougan argued that Bitcoin's value comes from its ability to store wealth outside the fiat currency system. "What breaks people ... and Wall Street's model ... is that you can't pay a fee to access this service. The only way to do that is to own Bitcoin," he wrote.