Source: cryptoslate
Compiled by: Blockchain Knight
Goldman Sachs CEO David Solomon said Bitcoin has a “good chance” of becoming a store of value similar to gold, but he also reiterated his cautious stance on the flagship crypto asset.
“I’ve never been critical of BTC, but I still think it’s primarily a speculative investment because there’s no use case for it,” Solomon said in a July 30 interview with CNBC.
However, Solomon admitted that BTC investment has potential storage value and said that its underlying blockchain technology is "super interesting" because blockchain technology itself can help digitize the financial system and eliminate many uncertainties.
Under Solomon’s leadership, Goldman Sachs has been very proactive in the crypto asset space.
In 2021, the company launched a Crypto asset service desk, demonstrating its determination to explore digital assets. At the time, Solomon said that BTC's market value would eventually catch up with and surpass gold, but he still held a cautious view that BTC was a speculative asset.
Despite the mixed signals, Goldman Sachs’ commitment to digital assets is clear. The firm plans to launch three tokenization projects by the end of the year, focusing on the U.S. and European markets.
In addition, Goldman Sachs is working to create a tokenized asset market, further consolidating its position in the digital asset space.
Solomon’s comments come amid growing discussion of Bitcoin’s potential as a reserve asset and store of value for individuals, companies, and even countries.
Michael Saylor, CEO of MicroStrategy, believes that the first country to start accumulating BTC by issuing fiat currency is most likely to become the world’s new superpower.
Saylor also stressed that BTC could help countries, including the United States, eliminate their growing national debt within two decades.
Senator Cynthia Lummis similarly believes that BTC can help the United States reduce its growing debt and has proposed a new bill that aims to make BTC a strategic reserve asset for the United States that can only be used to reduce the national debt.
On July 30, Lummis reiterated her views on social media, noting that the U.S. national debt has surpassed the $35 trillion mark and that BTC could help keep it in check.
The CNBC host stressed in his interview with Solomon that the flagship Crypto asset has become a significant political issue, with both Democrats and Republicans shifting to a more supportive stance towards the industry.
Former U.S. President Trump recently spoke at the BTC 2024 conference, and his remarks have left many in the industry more optimistic about regulatory clarity in the coming months and years.
Trump has won strong support from the Crypto assets and technology industries because people believe he will implement progressive policies. Industry leaders have publicly supported him and criticized the current administration’s approach.
Meanwhile, Vice President Kamala Harris, reversing the administration’s cautious stance toward crypto assets, is reportedly reaching out to the industry to seek a friendly stance.
Some are skeptical, however, and believe Harris needs to take more decisive action, such as changing the leadership of the Securities and Exchange Commission (SEC), to shift public perception.
