David Solomon’s Bitcoin Skepticism Sparks Bullish Reactions from Crypto Leaders

• Goldman Sachs’ David Solomon views Bitcoin as speculative but acknowledges its potential as a store of value.
• Samson Mow predicts Bitcoin’s rise to $1 million, highlighting increased institutional acceptance.
• Michael Saylor sees Bitcoin as a key treasury asset, projecting its value to reach up to $49 million by 2045.

Amid the Olympic Games in Paris, the head of Goldman Sachs, David Solomon, said he doubts Bitcoin. Despite realizing that BTC could be used as a store of value, he considered it as an investment in the speculative form.

After Solomon’s observations, Samson Mow of the Bitcoin adoption company JAN3 replied. Mow posted a meme from “Game of Thrones” with the message“Bend the knee,” which he associated with more organizations that may begin to accept Bitcoin.

Bitcoin has no other function other than speculation, Solomon stated in an interview with CNBC. Still, he noted that the possibility of Bitcoin being used as a store of value could be argued. His comments reflect on the contemporary discourses regarding the status of Bitcoin in the financial system. Solomon’s slow change in attitude can be observed when he has partially awakened to Bitcoin’s value as money. However, he still disapproves of the idea of using Bitcoin.

Samson Mow’s Bullish Outlook

Mow’s reaction to Solomon’s comments was not limited to a meme. Based on increased institutional acceptance, he has previously predicted that Bitcoin might rise to $1 million within a year. The meme, “Bend the knee,” serves as a provocative statement reflecting Mow’s bullish outlook on Bitcoin.

At the Bitcoin 2024 conference, Michael Saylor, Executive Chairman of MicroStrategy, also shared his thoughts on Bitcoin as a treasury asset. He stressed that an increasing number of businesses are using Bitcoin for their treasuries.

Saylor shared a detailed price prediction, projecting Bitcoin’s value to range between $3 million and $49 million by 2045. He highlighted Bitcoin’s role in transforming the global economy by replacing outdated financial and physical assets with digital capital.

Michael Saylor’s Vision for Bitcoin

Saylor’s stance on Bitcoin underscores its durability and resistance to inflation and devaluation factors. He advocates Bitcoin as a primary treasury asset for individuals, corporations, and nations. He believes this will lead to wealth accumulation and economic stability.

Software development company MicroStrategy, which is listed on the Nasdaq, bills itself as a top Bitcoin development company. MicroStrategy reported in June that their Bitcoin holdings had increased to 226,331 BTC, or $8.33 billion.

Saylor argues that the U.S. government should hold most of the world’s Bitcoin to bolster the U.S. dollar. He likens Bitcoin to a critical future asset, drawing parallels to historical acquisitions of gold and land. Saylor emphasizes that the future of the U.S. lies in cyberspace, with Bitcoin as the “cyber Manhattan.”