The CEO of Goldman Sachs maps Bitcoin’s “inevitable course” towards Gold.

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It’s been two weeks since Morgan Stanley revealed that Bitcoin would be added as a qualifying investment to a number of institutional funds. Since then, the chase has been on, with many expecting others, including banking behemoth Goldman Sachs, to get on board and delve ever further into the crypto-space.

During a recent interview on CNBC’s Squawk Box, Goldman Sachs CEO David Solomon forecast that the digital currency space will undergo “a major transformation” in the coming years.

“This is a space that’s evolving…I think there will be a big evolution as to how this evolves in the coming years.”

It’s worth mentioning that Solomon didn’t say anything about Goldman Sachs’ Bitcoin plans, with the executive claiming that the new legal environment in the United States prevents the bank from doing so. Having said that, the CEO did state unequivocally that the institution is holding a close eye on cryptocurrency due to rising client demand.

There are significant regulatory restrictions around us and us acting as a principle around cryptocurrencies like Bitcoin.

He added,

“As our clients have demanded to be involved in this space we can continue to find ways to support our clients.”

According to a study of about 300 clients undertaken by the company, 40% already have exposure to cryptocurrencies. In reality, in a recent podcast, Matt McDermott, Global Head of Digital Assets in Goldman Sachs’ Global Markets Division, mentioned something similar. Regarding the same, the CEO backed Bitcoin’s rapid global acceptance, saying,

“I think Bitcoin is on an inevitable path to have the same market capitalization and then a…higher one than gold. It’s how fast adoption is happening. Adoption is happening faster than I had predicted.”

Interestingly, Solomon described Bitcoin as a “digital currency that is more like gold than a payment network, so its value will continue to rise over time.” Other fans have often expressed common viewpoints when contrasting the asset groups in Bitcoin and gold.

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The businessman’s comments come a day after Goldman Sachs announced that it would sell Bitcoin-related investment options by the second quarter of 2021. Previously, in March, Goldman Sachs filed an application with the Securities and Exchange Commission (SEC) to establish an exchange-traded fund. In addition, Goldman reopened its blockchain trading desk last month after closing it in 2018.

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