Bitwise CIO Matt Hougan has defended Bitcoin's value proposition, countering Goldman Sachs Wealth Management CIO Sharmin Mossavar-Rahmani's skepticism. Mossavar-Rahmani had stated difficulty in assigning value to Bitcoin due to its lack of intrinsic dividends, cash flows, or earnings, and dismissed it as an investment asset class.

Hougan, however, argued that Bitcoin's value lies in its ability to store wealth "outside of the fiat system." He noted that the concept of accessing this service without paying a fee, by owning Bitcoin, is what challenges traditional financial models.

Despite the skepticism from Goldman Sachs, Bitcoin spot ETFs launched in January have absorbed $12 billion in net flows. Financial platforms initially closed to these products, such as Merrill Lynch, are now integrating them.

Pomp Investments founder Anthony Pompliano criticized Goldman Sachs for denying the legitimacy of the now $2.5 trillion crypto asset class. He argued that the market's embrace of crypto contradicts Mossavar-Rahmani's dismissal.

Despite criticism linking crypto to illicit activity, the U.S. Treasury Department maintains that fiat currency remains a more popular tool for such activities.