Bitwise CIO Matt Hougan explained what makes Bitcoin valuable on Wednesday after a recently interviewed Goldman Sachs executive struggled to find the answer.

Sharmin Mossavar-Rahmani – chief investment officer of the banks Wealth Management unit – said she still isn’t a “believer in crypto” even after the launch of Bitcoin spot ETFs in January.

Why Goldman Sachs Stil Rejects Crypto

According to the Wall Street Journal, the executive claims its hard to assign any value to Bitcoin given that it lacks any intrinsic dividends, cash flows, or earnings.

“We do not think it is an investment asset class, she said. “We’re not believers in crypto.”

Sharmin’s view echoes that of other crypto skeptics like Warren Buffett, as well as those at Vanguard, who have denied their clients access to several Bitcoin spot ETFs launched in January.

The largest of those ETFs were launched by competitors BlackRock and Fidelity, which have grown far more bullish on Bitcoin as “digital gold” and a superior form of money. To date, the ETFs have absorbed $12 billion in net flows, and financial platforms initially closed to the products – such as Merrill Lynch – are now plugging in.

Last month, Bitwise’s Hougan said financial advisors were slowly coming around to crypto – but that questions about Bitcoin’s “lack of cash flows” persisted. Addressing Goldman’s claims on Wednesday, Hougan argued that Bitcoin’s value comes from its ability to store wealth “outside of the fiat system.”

“What breaks peoples minds and Wall Streets models is that you cant pay a fee to access this service. The only way is to own bitcoin,” he wrote.

Ignoring The Evidence

Pomp Investments founder Anthony Pompliano also criticized Goldman for denying the legitimacy of crypto at large, which is now a $2.5 trillion asset class.

“Sharmin is essentially claiming that she is smarter than everyone else and she is smarter than the market,” he tweeted. “It is kind of wild to think this, but even more insane to say it out loud to the Wall Street Journal.”

Sharmin also criticized crypto for being a tool of illicit activity – a claim often doubted by skeptics including SEC chairman Gary Gensler and senator Elizabeth Warren.

According to the U.S. Treasury Department, fiat currency remains a far more popular tool for illicit activity than crypto.