Goldman Sachs CEO David Solomon said that bitcoin could “very well” serve as a store of value similar to gold.

Solomon’s comments come at a time of growing debate over bitcoin’s potential as a reserve asset and store of value.

Goldman Sachs (NYSE:GS) CEO David Solomon has stated that bitcoin could “very well” function as a store of value like gold.

Solomon's comments follow a period of increasing discussion regarding bitcoin's potential as a reserve asset and store of value.

In an interview with CNBC on July 30, Solomon stated that he has never been critical of BTC, clarifying that his primary concern was its speculative nature. However, he highlighted the promise of the underlying technology, describing it as “super interesting” and capable of reducing friction in an increasingly digitized financial system.

When asked by CNBC's Joe Kernan about the possibility of bitcoin becoming a reserve asset like gold, Solomon responded, “There very well could be a store of value case.”

Under Solomon's leadership, Goldman Sachs has played an active role in the cryptocurrency industry. The banking behemoth established a crypto trading desk in 2021.

At the time, Solomon expressed his belief that BTC could eventually rival and surpass gold's market capitalization, although he still considered it a speculative asset. Several Goldman Sachs executives have also stated that bitcoin's volatility prevents it from being a stable store of value.

Despite these varying statements, Goldman's commitment to digital assets remains evident. The firm plans to launch three tokenization projects by the end of the year, targeting both the U.S. and European markets.

At the 2024 Bitcoin Conference, MicroStrategy CEO Michael Saylor stated his belief that the first country to begin accumulating BTC by issuing fiat currency could gain an economic advantage over the others.

Saylor proposed shifting treasury reserves from gold and bonds to bitcoin, issuing currency and debt to purchase the cryptocurrency, and enacting laws favorable to BTC ownership.

According to Saylor, nations, especially those with substantial debt, could alleviate their economic difficulties by reallocating reserves from short-term assets like gold and bonds to long-term digital assets.

Similarly, Senator Cynthia Lummis has argued that bitcoin could aid the United States in managing its growing debt. In this regard, she has proposed a bill that would designate bitcoin as a strategic reserve asset solely for the purpose of reducing the national debt.

On July 30, Lummis posted on social media that the U.S. national debt had reached $35 trillion and suggested that BTC could be a solution to control it.

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