[2017-10-04] I’m “Still Thinking” About Bitcoin: Goldman Sachs CEO

[cybersofts]

I’m “Still Thinking” About Bitcoin: Goldman Sachs CEO Lloyd Blankfein

Goldman Sachs CEO Lloyd Blankfein says he is “still thinking about Bitcoin” but has not yet reached a point where he is ready to endorse or reject it.

Yesterday, the Wall Street Journal reported that Goldman Sachs was considering becoming the first blue-chip Wall Street investment bank to launch a dedicated bitcoin trading operation. This report sparked many discussions in the mainstream financial sector, and this morning Goldman Sachs CEO Lloyd Blankfein shared his thoughts about Bitcoin on Twitter.

Blankfein, who is notorious for rarely engaging on the social media platform, used his 18th tweet to share that he is “still thinking about Bitcoin,” adding that “folks…were skeptical when paper money displaced gold.”

    "Still thinking about #Bitcoin. No conclusion – not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold."

    — Lloyd Blankfein (@lloydblankfein) October 3, 2017


Blankfein’s tone toward cryptocurrency is markedly different than that of J.P. Morgan CEO Jamie Dimon, who lambasted bitcoin as a “fraud” that is “worth nothing.” He also threatened to fire any employee caught trading bitcoin. On Tuesday, senior J.P. Morgan senior executive John Normand struck a slightly-more-conciliatory tone, calling cryptocurrency a “retail novelty” analogous to “airline miles,” but the company’s public statements have made it clear that the firm is not impressed by this innovative technology.

Several leaders within the cryptocurrency industry responded to Blankfein’s tweet, offering to provide him with an off-the-record introduction to bitcoin. Chainstone Labs CEO Bruce Fenton, for instance, stated that “The new doesn’t need to destroy the old–we can work together for a better world for all of us.”

As CCN has reported, Goldman Sachs has responded to client interest in bitcoin and other cryptocurrencies by adding services such as bitcoin price technical analysis, and a company spokeswoman told the Journal that they continue to actively explore ways to serve their clients within this space.

While it remains to be seen whether Goldman Sachs will ultimately launch a bitcoin trading operation, it is likely the firm will continue to increase its activity within the crypto finance ecosystem. As a Goldman analyst commented in a note distributed to portfolio managers earlier this year, “real dollars are at work” within the industry, making it “harder for institutional investors to ignore cryptocurrencies.”



Source: https://www.cryptocoinsnews.com/goldman-sachs-ceo-lloyd-blankfein-still-thinking-about-bitcoin/

[1714122600]

1714122600

[jseverson]

In the end, this will be about whether or not their clients are going to use the service and whether or not they can make money from it. I'm happy enough they're not bashing on crypto like Dimon.

[yugyug]

Two old men hate bitcoin or they don't know the real flow of bitcoin or they might think that owning a bitcoin is like a fairy tale. Oh old men, before hating bitcoin you must know first the heart of bitcoin which is the blockchain and later you may appreciate its beauty and someday you might join this bandwagon, but i guess they undestand the bitcoin but they might fear that their loyal client will lose some interest on their company when they also know the beauty of smart contracts. Crypto world is a big threat to major financial compaines, if you can't beat them join them.

[iram1011]

Do we really care about these banks or what their CEO think?

Bitcoin is an ultimate threat to them. So, either they adopt Bitcoin in their system or stay wary. But they can't effect Bitcoin. Bitcoin was created to free the financial system from centralisation. With increase in Bitcoin's adoption, banks will ultimately suffer.

Moreover, Bitcoin still not in that position that the trillion dollar economy of banks would care about it. With market cap of some billion dollars, Bitcoin stands nowhere in monetary landscape as for now. Banks and government are indeed closely calculating the growth. But right now it isn't a much threat to them. Only that 400% growth of bitcoin a year made these CEOs think about it and nothing much.

[panju1]

They might not endorse it or criticize it, but in the end it still is an asset class for them to bet on. They will go out and make money off whatever they can. No wonder they are setting up a desk devoted to crypto trading.