Goldman Sachs CEO: ‘Too Arrogant’ to Think Crypto Won’t Work Out Because It’s ‘Unfamiliar’

22.06.2016

Despite the fact that Lloyd Blankfein does not own Bitcoins (as well as his investment bank), Goldman Sachs believes that critics should not ignore the future of the first and most important cryptocurrency - Bitcoin.

During a speech at the event The Economic Club of New York, Blankfein demonstrated an optimistic attitude towards the digital currency. CEO Goldman Sachs announced the possibility of a future in which Bitcoin and other cryptocurrencies will squeeze out official money - just like the Fiats once replaced gold and precious metals.

Arguing about the development of money, Blankfein drew attention to the similarity between cryptocurrency and fiat money. In his opinion, neither those nor the others have an intrinsic value. However, paper money managed to become the main form of capitalistic change of values. After that, Blankfein asked a rhetorical question: "Why can not the cryptocurrency be the same? "This is just too arrogant….."

Blankfein's comments contrast sharply with the opinion of the majority of high-ranking representatives of the sphere of traditional finance.

The head of Berkshire Hathaway, Warren Buffett recently called Bitcoin "rat poison in a square" and said that he was almost sure that the cryptocurrency would "end badly."

Chairman and head of JPMorgan Chase, Jamie Dimon, is also a well-known opponent of Bitcoin. In September last year, he called the cryptocurrency market "fraud" and said:

"If we had a trader working with Bitcoins, I would immediately dismiss him for two reasons. First, it is against our rules. Secondly, this is stupid."

Blankfein, unlike his colleagues in the traditional financial space, adheres to a more liberal approach in assessing Bitcoin and other cryptocurrencies, and believes that leaving them unaddressed is too arrogant. He says:

"I do not belong to those who say: this is impossible, because it is unfamiliar and uncomfortable - it's too arrogant."

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