2018-6-22 00:46 |
Lloyd Blankfein, CEO of Goldman Sachs, spoke at the Economic Club of New York on Tuesday and struck a surprisingly optimistic chord for Bitcoin. The banker said that he does not rule out the possibility of a future for the largest digital currency. He drew comparisons between government-backed fiat currencies and consensus-based digital currencies and said that it would be “too arrogant” to deny that the virtual coin has a future.
Paper Currency vs. Digital CurrencyTalking about paper currencies, he explained how money evolved over time and came to be the government currencies of today. He also said that cryptocurrencies could thrive in the same way. Blankfein said:
“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?”
He denied having any investments in Bitcoin, saying, “It’s not for me, I don’t do it, I own no bitcoin,” and also denied that Goldman has any Bitcoin investments. However, he did suggest that if the bank ever decides to invest in digital currencies, he could give reasons behind the move.
A Breath of Fresh AirWall Street has a love-hate relationship with digital coins and blockchains. While they are carefully treading the path of distributed ledgers, virtual coins are still a far cry. Many banks and top investment firms believe that the industry is far too volatile and ridden with illegal activities for them to consider a move. A few others are waiting on the fence, checking which way the wind blows with US regulations.
Blankfein, however, looks more accepting of the digital revolution. He said:
“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.”
Steve Wozniak gives lecture on innovation and entrepreneurship at KU. Source: shutterstock.comHe now joins a list of several prominent names who are hopeful for a crypto revolution. Twitter CEO Jack Dorsey famously said that he believes cryptos will go mainstream. His views were seconded by Apple cofounder Steve Wozniak, who believes that digital coins have the potential to pull this feat off.
Others have not been so kind. JP Morgan and Chase CEO Jamie Dimon called Bitcoin a “fraud” but later retracted his comments. Later, he watered down his criticism but still asked investors to “beware” of the coin.
Goldman’s take on cryptocurrencies has been quite welcoming. Earlier this year, they started a crypto trading desk. A bank spokesperson said at the time that they are doing this because of heightened interest from clients.
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