Goldman Sachs CEO David Solomon Says Bitcoin Could 'Very Well” Serve as a Store of Value Akin to Gold

In a July 30 CNBC interview, Solomon said he has never been a critic of Bitcoin, but he still views it primarily as a speculative investment without a use case.

Goldman Sachs (NYSE:GS) CEO David Solomon has provided his two cents on Bitcoin (CRYPTO: BTC) once again, saying that the flagship cryptocurrency “could very well” serve as a store of value akin to gold but reiterated his cautious stance toward the primary use case for the digital asset.

In a July 30 CNBC interview, Solomon said he has never been a critic of Bitcoin, but he still views it primarily as a speculative investment without a use case.

However, he acknowledged its potential store of value case and said the underlying blockchain technology is “super interesting.” He added that the technology itself can help digitize the financial system and “remove a lot of the friction.”

Under Solomon’s leadership, Goldman Sachs has been proactive in the crypto space. In 2021, the firm launched a crypto desk, signaling its commitment to exploring digital assets. At the time, Solomon said that Bitcoin would eventually match and overtake gold’s market capitalization but maintained his cautious view that it was a speculative asset.

Despite the mixed signals, Goldman’s commitment to digital assets is evident. The firm plans to launch three tokenization projects by the end of the year, focusing on US and European markets.

Additionally, Goldman Sachs is working on creating marketplaces for tokenized assets, further cementing its role in the digital asset space.

Bitcoin reserve

Soloman’s comments come amid increasing debate around Bitcoin’s potential to serve as a reserve asset and store of value for individuals, companies, and even nations.

MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor believes that the first country to begin accumulating Bitcoin by issuing fiat currency has the highest chance of becoming the world’s new superpower. He also highlighted that Bitcoin can help countries — including the US — eliminate their rising national debt within two decades.

Senator Cynthia Lummis similarly argues that Bitcoin can help the US reduce its rising debt and has introduced a new bill that aims to make it a strategic reserve asset for the country that can only be used to reduce the national debt.

Lummis reiterated her views on social media on July 30, noting that the US national debt has crossed the $35 trillion mark and Bitcoin could help reign it in.

Politics and Bitcoin

The CNBC hosts highlighted during Solomon’s interview that the flagship crypto has become an important political issue, with both Democrats and Republicans pivoting to a more supportive stance for the sector.

Former President Donald J. Trump recently headlined the Bitcoin2024 conference, with his speech causing many in the industry to become more optimistic about regulatory clarity in the coming months and years.

Trump has garnered strong support from both the crypto and tech industries due to the belief that he will implement progressive policies. Industry leaders have publicly endorsed him and criticized the current administration’s approach.

Meanwhile, Vice President Kamala Harris has reportedly pivoted the administration’s cautious stance toward crypto and is engaging with the industry to find amicable ground. However, some are skeptical and believe she needs to take more decisive actions like changing SEC leadership to shift public perception.

Mentioned in this article

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

News Desk

CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.

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