During his talk at The Economic Club of New York, Lloyd Blankfein, the CEO of Goldman Sachs made it clear that he is not comfortable with cryptocurrencies but it would be arrogant to say that they won’t have a future either.
He explained how the world moved from gold to fiat currencies that we have today backed by government. Using that example, he said he could see a world where a cryptocurrency could exist.
“If you could go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?”
“…it’s not for me, I don’t do it, I own no Bitcoin. Goldman Sachs as far as I know… has no Bitcoin, but if it does work out, I could give you the historical path why that could have happened.”Blankfein has been more open than some on Wall Street about bitcoin. For example, J.P. Morgan CEO Jamie Dimon famously shot down the cryptocurrrency calling it a “fraud.” Blankfein said that he does not want to dismiss it.
“I’m not in this school of saying… because it’s uncomfortable with me, because it’s unfamiliar, this can’t happen, that’s too arrogant,”
BTC has been criticized for being a speculative bubble especially after it hit a record high of nearly $ 20,000 or approximately Rs 13.6 lakh last year and subsequently fallen to below $ 7,000 or Rs 4.75 lakh.
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