Bitcoin is ‘Not For Me’ Says Goldman Sachs CEO Lloyd Blankfein

On Tuesday, Goldman Sachs CEO Lloyd Blankfein does not own bitcoin but he sees the cryptocurrency having a future.

The banker imparted a positive insight into the cryptocurrency during The Economic Club of New York talk.

He mentioned that the gold’s process of shifting to fiat currencies in today’s time. In light with this, he said that there’s a potential world where the existence of the cryptocurrency could happen.

“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.”

Compared to some on Wall Street, Blankfein has been more open about the said cryptocurrency. In an example, J.P. Morgan CEO Jamie Dimon notably called the cryptocurrency a “fraud.” He does not want to preclude 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,” Blankfein said.

However, the cryptocurrency has been mostly criticized due to its notional bubble after a nearly $20,000 high price last year. Since then, it declined to below $7,000.

This has also not exhibited the actual currencies’ characteristics. For example, both the transaction times and fees are extremely high.

Meanwhile, TransferWise CEO told CNBC in an interview that the Egyptian pound is more useful than popular cryptocurrency.

In spite of these, numerous advocates are expecting bitcoin could become mainstream. Twitter CEO Jack Dorsey believes on bitcoin’s probability in becoming a single currency. Further, Apple co-founder Steve Wozniak told CNC that he sees a future for bitcoin too.

To rule out bitcoin is “very foolish,” Robinhood CEO says

After Robinhood launched the feature, more than one million, consequently, signed up to trade cryptocurrencies. On Wednesday, co-CEO told this at CN Insights’ Future of Fintech conference.

Despite the cryptocurrency’s constant falling prices, Tenev was optimistic about the said cryptocurrency.

“This asset has staying power, significant staying power,” he said.

Moreover, Tenev mentioned that the price of bitcoin has fluctuated in similar patterns formerly. He added that it is very foolish to say that bitcoin is done.

CoinDesk reported that the Robinhood transitioned to cryptocurrency this year.