Goldman Sachs CEO: Denouncing crypto would be “too arrogant”

Goldman Sachs CEO Lloyd Blankfein has spoken about his complex attitude towards Bitcoin saying that, while he doesn’t own any by choice, he can’t rule out its overall success in the future.

In a recent interview, he said that it would be “too arrogant” to say that cryptocurrency can’t happen because “it’s uncomfortable for me”.

“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?”, he added on the comparisons to gold’s transition to fiat.

“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.”

Cryptocurrency has previously been called a “speculative bubble” by Goldman Sachs’ head of global investment research, saying: “Because of the lack of intrinsic value, the currencies that don’t survive will most likely trade to zero.

“Just because we are in a speculative bubble does not mean current prices can’t increase for a handful of survivors. At the same time, it probbably does mean that most, if not all, will never see their recent peaks again.”

In May it was reported that Goldman Sachs was moving ahead with plans to set up its first Bitcoin trading operation on Wall Street.