Goldman Sachs CEO 'bitcoin not for me' but can see it has a future

21 Jun, 2018
by Richard Allen
News
Goldman Sachs CEO 'bitcoin not for me' but can see it has a future

While CEO of Goldman Sachs Lloyd Blankfein does not own any bitcoin, he admitted on Tuesday that the cryptocurrency has a future, according to a CNBC article.

The banker struck an optimistic tone on bitcoin during a talk at The Economic Club of New York, explaining how the world moved from gold to fiat currencies that we use today. Using that example, Blankfein says he can see a world in which cryptocurrencies 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?" Blankfein said.

"And so 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."

Blankfien has been more open than most on Wall Street about bitcoin. CEO of J.P. Morgan, for example, rejected cryptocurrencies dismissing them as a “fraud.” Blankfein, on the other hand, says he doesn’t want to reject them.

"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," Blankfein said.

Goldman Sachs has started a cryptocurrency trading desk and recently made its first hire. Experts are optimistic that other banks could follow.

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