In a recent CNBC interview, Goldman Sachs CEO David Solomon expressed that Bitcoin could potentially serve as a store of value, similar to gold.

Despite recognizing Bitcoin's potential, Solomon characterized it as a speculative investment and expressed skepticism about its practical use cases.

Previously, Solomon predicted that Bitcoin might eventually surpass gold in market capitalization, indicating a belief in its growing significance.

Currently, Bitcoin's price has surged approximately 490% over the past five years, trading around $66,237, while gold's price has increased about 67% in the same period.

Under Solomon's leadership, Goldman Sachs launched a digital assets unit in 2021, demonstrating the bank's commitment to exploring and facilitating crypto derivatives trading.

Goldman Sachs plans to introduce three tokenization projects by the end of 2024, aimed at enhancing its involvement in the crypto market.

The bank has noted a rising interest from hedge fund clients in crypto products, reflecting a growing engagement in the sector.

Solomon also highlighted that central banks are exploring digital currencies and their long-term implications on global payment systems.

While Solomon has reservations about Bitcoin, he acknowledged the underlying blockchain technology as beneficial for reducing friction in the financial system.

In a broader political context, Vice President Kamala Harris is reportedly adjusting the administration's cautious approach to cryptocurrency, signaling a shift towards better collaboration with the industry.

The political landscape surrounding Bitcoin is evolving, with increasing bipartisan support from both Democrats and Republicans.

Adding to the optimism, former President Donald Trump recently addressed the Bitcoin2024 conference, which may lead to greater regulatory clarity for the crypto industry.