Value

David

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Grayscale Bitcoin Trust

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.
<h2 id="strong-goldman-sachs-bitcoin-prediction-growing-strong">Goldman Sachs Bitcoin Prediction Growing</h2>
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.&nbsp; They have turned to Bitcoin in recent times, accumulating the crypto asset in an attempt to diversify their financial portfolios.
<blockquote class="twitter-tweet">
 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. <a rel="noopener noreferrer nofollow" href="https://t.co/j3JrBjjNQI">https://t.co/j3JrBjjNQI</a>
 — Matt Hougan (@Matt_Hougan) <a rel="noopener noreferrer nofollow" href="https://twitter.com/Matt_Hougan/status/1818266530720919843?ref_src=twsrc%5Etfw">July 30, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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 the perception of cash as a depreciating asset and BTC as an appreciating asset. The replacement of cash with Bitcoin usually trigger a rise in the value of their stocks.
Though there is a growing improvement in the Wall Street perception of Bitcoin, events like <a href="https://coingape.com/kraken-rejects-bitcoin-payout-to-mt-gox-creditors-despite-verification/" target="_blank" rel="noopener noreferrer nofollow">Mt Gox</a> payout and <a href="https://coingape.com/us-government-transfers-29800-bitcoin-from-silk-road/" target="_blank" rel="noopener noreferrer nofollow">US Government</a> BTC transfers has continued to overshadow this bullish sentiments.
<h2 id="metaplanet-and-others-copy-microstrategy-playbook">Metaplanet And Others Copy MicroStrategy Playbook</h2>
In keeping with the Goldman Sachs BTC projection, Japanese investment firm Metaplanet is one of those who adopted MicroStrategy’s Bitcoin playbook and diversified&nbsp; investment.
Trailing the path of <a href="https://coingape.com/bitcoin-whales-scoop-5900-btc-in-recent-correction-recovery-expected-soon/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin whales</a> accumulating the flagship cryptocurrency, Metaplanet has acquired more than 200 BTC within 3 month. Some non-profits are also part of this new trend, converting their treasuries into the coin with the intention of holding it long-term and leveraging its value to fund operations.
This move reflects investors confidence in BTC’s future. The launch of spot Bitcoin ETFs in the United States have made it safer for most of these traditional institutional investors to take a dive into Bitcoin. These six-months old offering delivers direct investment in BTC without the associated risks.
While many have seen consistent adoption, others like <a href="https://coingape.com/grayscale-bitcoin-etf-gbtc-plummets-11-ahead-btc-mini-trust-distribution/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Bitcoin Trust</a> has continued to welcome outflows.
Read More: <a href="https://coingape.com/markets/is-pepe-coin-40-climb-ath-reversal-pattern-insights/" target="_blank" rel="noopener noreferrer nofollow">Is Pepe Coin Ready for a 40% Climb to ATH? Reversal Pattern Offers Insights</a>
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The post <a href="https://coingape.com/goldman-sachs-ceo-foresees-bitcoin-use-case-as-store-of-value/" rel="noopener noreferrer nofollow">Goldman Sachs CEO Foresees Bitcoin Use Case As Store Of Value</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Goldman Sachs CEO Foresees Bitcoin Use Case As Store Of Value

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