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Goldman Sachs CEO David Solomon has highlighted the future use case of Bitcoin (BTC) as a store of value. According to Ryan Rasmussen, Head of Research at Bitwise Invest, Solomon predicted this use case on Tuesday at the Olympics. This is another high-profile tagging of BTC from a Wall Street leader, a trend that underscores the potential mainstream adoption of the coin. Goldman Sachs Bitcoin Prediction Growing Bitwise Invest CIO Matt Hougan referenced the X post from Rasmussen, reiterating the Goldman Sachs prediction. He went ahead to refer to the CEO of the investment bank as a “major believer” of Bitcoin. Like Goldman Sachs’ CEO, several other Wall Street executives hold this perception of the flagship cryptocurrency.  They have turned to Bitcoin in recent times, accumulating the crypto asset in an attempt to diversify their financial portfolios. The CEO of the world’s largest asset manager is a “major believer.” The CEO of Goldman Sachs says it “could have a use case as a store of value.” More than half of the world’s largest hedge funds own it. And I meet people all the time who are “certain” it’s going to zero. https://t.co/j3JrBjjNQI — Matt Hougan (@Matt_Hougan) July 30, 2024 MicroStrategy launched its Bitcoin accumulation strategy in 2022 and stuck with it ever since. In June, the firm announced the acquisition of additional 11,931 Bitcoins at an average price of approximately $65,883 per Bitcoin. Upon conclusion of the acquisition, MicroStrategy boasted of 226,331 Bitcoins in its portfolio, with each acquired at an average price of $36,798 per BTC, totaling approximately $8.33 billion. Over time, many other Wall Street organizations became attracted to this strategy, especially considering the success that MicroStrategy has recorded including the jump in its stock value. One factor has kept these firms fixated on shifting towards crypto is…

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Filed under: News - @ July 31, 2024 1:26 am