Goldman Sachs CEO: Bitcoin Will Flip Golds Market Cap
It is inevitable for Bitcoin to surpass gold's market cap. Those are the words of Goldman Sachs CEO David Solomon during yesterday's earnings call. The executive talked of Bitcoin and cryptocurrencies' importance, indicating the shifting grounds and how central the emerging crypto market has been for leading global banks.
Bitcoin is now a store-of-value, although its founder created it as a medium of exchange. Nonetheless, Bitcoin has taken off and is now an asset that investment funds continue to add to their diversified portfolios. Just recently, and preceding these comments, Goldman Sachs made news when they suggested that it could offer clients of their Private Wealth Division access to Bitcoin-related products. Solomon touched on this, tangentially mentioning how they are expanding their capabilities in search of ways to meet their client needs.
Impact on Bitcoin Prices:
Bullish. Bitcoin is already charting higher, with believers maintaining it is a better alternative to gold with a market cap of over $7 trillion. If BTC flips gold,BTC/USD priceswill explode to over $250k.
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