Goldman Sachs CEO: Dismissing Bitcoin Is 'Too Arrogant' - Bitsonline

Goldman Sachs CEO: Dismissing Bitcoin Is ‘Too Arrogant’

Goldman Sachs CEO Lloyd Blankfein says he doesn’t hold any bitcoin. He doesn’t deny, however, that the currency could have an illustrious future, and he’s talking down to those who would suggest otherwise.

Also see: On Bithumb, Gun-jumping, and the Balina Precedent

Subscribe to the Bitsonline YouTube channel for more great interviews featuring industry insiders & experts

Could the World Fully Transfer to Crypto?

Speaking at the Economic Club in New York, Blankfein states the globe — not just the United States — made the transfer from gold to fiat in the past by way of government interference, and that “he could see a world” where the same happens with cryptocurrencies.

“If you could go through the 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.”

Familiar Territory

Blankfein has been very vocal about this issue in the past. In a November 2017 interview, the CEO and financial mogul commented that while he did not hold, trade, or collect bitcoin in any way, he couldn’t dismiss the idea that it held a lot of promise for the country’s financial infrastructure, though he was ultimately criticized for giving what were considered relatively ambiguous answers.

Goldman Sachs

However, where Blankfein does seem to hold ground is in the notion that bitcoin’s future cannot be pushed aside, and his company’s movements in cryptocurrency serve as proof that Goldman Sachs is confident in the promise it holds.

The company launched what is being called Wall Street’s first bitcoin trading desk last May, which followed Goldman’s April hiring of Justin Schmidt, a former Wall Street trader, as the company’s first ever head of digital asset markets.

Blankfein has kept a relatively open mind when it comes to bitcoin, commenting:

“I’m not in this school of saying that because it’s uncomfortable with me, because it’s unfamiliar, this can’t happen. That’s too arrogant.”

Exploring More Options

In a related story, Goldman COO David Solomon states that the financial firm is now exploring the possibility of cryptocurrency trades beyond the “publicly-traded derivatives that it already handles.”

Speaking with Bloomberg TV, Solomon explained that while Goldman currently assists its clients in trading bitcoin futures, executives are “listening” to the wants and needs of all customers, and looking to help them explore other activities in the futures space.

Will Goldman Sachs become a leading bitcoin and blockchain company? Post your comments below.

Images via Flickr, Pixabay

Related News