Goldman Sachs' Lloyd Blankfein Discusses Cryptocurrencies: Not A Fan

The chairman of the Goldman Sachs Group Inc is making some comments on cryptocurrencies during an interview with the major financial resource and prediction specialists at Bloomberg. While speaking with Chief Editor and Chief John Micklethwait, at the Economic Club of New York. Here’s what he has to say about the cryptocurrency industry.

They asked specifically about Cryptocurrency – He spoke about not worrying about any systemic issues arising at this point with cryptocurrencies. People are essentially passionate about it, and some are passionate against it.

He compares it to the cell phone industry – and how he didn’t follow cell phones, instead thinking there were phone booths. Believing instead that cell phones would just be a passing fad that would just dissolve like many other tech industry fads.

The reality that instead happen is seen everywhere with cell phones and how they’ve taken over the world of mobile communication.

People where passionate about cellphones the same way people are now passionate about bitcoin. And now cryptocurrency is an unexplainable phenomenon of source. But he can’t explain why it works, how it works or why it’s gone through the transition it has.

Money on the other hand, he can explain because it started as a tangible resource. Fiat currency is backed by government institutions. He himself, as well as Goldman Sachs doesn’t own any cryptocurrency either as far as he knows.

He did go to say, that although he can’t explain how it works, that once more happens with crypto he will likely be able to do so. Blankfein, is a financial expert – one of the tops in the world. And a valid point he made, was in relation to the development of current fiat money. The point being that it rests on trusts even though there is often nothing backing it, a system that has been in place also still being used to this day.

So, if fiat currency can operate with the functionality it currently has – it makes sense that Bitcoin can do the same as well. As to how his opinions on cryptocurrency will unfold or how accurate they will be is still yet to be seen, but it’s likely his belief that it could be real, sticking around, leveling out to eventually become a realistically used currency is probably going to be accurate on some form or another.

This portion of the interview is just a small segment of a longer one covering everything from cryptocurrency to the trade tariffs set by Trump on Chinese imports. You can learn more about the cryptocurrency at Bloomberg News official website.

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