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Goldman Sachs (NYSE:GS) CEO David Solomon in an interview with CNBC at the Summer Olympics in Paris hinted at Bitcoin’s (CRYPTO: BTC) potential to serve as a "store of value case."
What Happened: Solomon, while reluctant to speculate on Bitcoin’s price, acknowledged the "super interesting" technology underlying cryptocurrencies, as reported by TheBlock. He noted the potential of this technology to streamline the financial system in an increasingly digital world.
When asked if Bitcoin could serve as a reserve like gold, Solomon responded, "There very well could be a store of value case."
In 2021, Solomon predicted that Bitcoin was on a path to match and eventually surpass gold’s market capitalization. This was the same year Goldman Sachs launched its crypto desk.
Despite Solomon’s cautious comments, Goldman Sachs has been actively investing in the digital asset space. The bank has also seen growing interest from hedge fund clients in crypto-related products.
Why It Matters: Goldman Sachs’ interest in the digital asset space is not new. The bank is set to initiate three tokenization projects by the end of 2024, aiming to transform how clients invest in financial assets. This move will tokenize assets like money market funds and real estate holdings, utilizing both public and private blockchains.
These projects will include tokenizing U.S. fund complexes and debt issuance in Europe, with further details pending.
Earlier this year, Goldman Sachs was among the firms that completed a series of tests on the Canton Network, a network designed for institutional assets.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
