[2017-11-04] ‘Im Open’ to Bitcoin: Goldman Sachs CEO Lloyd Blankfein

[Terraformer]

Goldman Sachs CEO Lloyd Blankfein is not comfortable with bitcoin, but he says that he understands that it may ultimately prove to be the next step in the evolution of money

The investment banking executive, who last month used a rare tweet to state that he was “thinking about bitcoin” but had not formed a definitive opinion, shared his updated thoughts on cryptocurrency in an interview with Bloomberg held at the investment banking firm’s Sustainable Finance Innovation Forum in New York.

He stated that the thought of bitcoin gave him a “level of discomfort” but conceded that he felt the same level of skepticism when he first encountered the cell phone:

“I have a level discomfort with [bitcoin], as I have a level of discomfort with anything that’s new,” he said. “But I’ve learned over the years that there’s a lot of things that work out pretty well that I don’t love.”

A self-described history buff, Blankfein reflected that the evolution of money has taken paths that many people from earlier eras might not have predicted. “Maybe in the new world, something gets back by consensus. Instead of a government fiat, maybe it’s a consensual arrangement by people that agree that it’s worth something,” he stated.

Consequently, Blankfein does not intend to let his personal discomfort get in the way of a potentially disruptive technology. Perhaps this is why Goldman Sachs is considering launching a bitcoin trading operation at the same time that JPMorgan CEO Jamie Dimon is publicly threatening to fire “stupid” employees who engage in bitcoin trading.

Blankfein added that, if bitcoin did achieve mainstream adoption, he would be able to explain how it fits into the historical narrative of monetary philosophy. “If we went into the future and bitcoins were successful, I would be able to explain how it was a natural evolution from hard money,” he stated.

“Maybe 200 years from now even someone like me might be comfortable with it, but right now, I tell you: I don’t have an investment in it, but I’m not willing to pooh-pooh it and that’s why I say I’m open to it,” Blankfein concluded.

Featured image from YouTube/B

https://www.cryptocoinsnews.com/im-open-to-bitcoin-goldman-sachs-ceo-lloyd-blankfein/

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[darkangel11]

They ridiculed it, they tried to fight it and couldn't win, so they are going to join it now. It's funny how the stance of bankers changes with time. I'm just waiting to see Jimmie say the same next year... or be fired The sooner they realize that BTC and fiat can coexist and that BTC doesn't mean the end of banking, the better for them.
Maybe 200 years from now even someone like me might be comfortable with it. -You don't have so much time, better work on getting used to it sooner because in 10 years it's going to be driving the economy.

[Embeco]

They ridiculed it, they tried to fight it and couldn't win, so they are going to join it now. It's funny how the stance of bankers changes with time. I'm just waiting to see Jimmie say the same next year... or be fired The sooner they realize that BTC and fiat can coexist and that BTC doesn't mean the end of banking, the better for them.
Maybe 200 years from now even someone like me might be comfortable with it. -You don't have so much time, better work on getting used to it sooner because in 10 years it's going to be driving the economy.

GS has been very open to all kinds of cryptocurrencies for a long time. IIRC they were the first to adapt Ripple.

[Kprawn]

Jamie Dimon might learn a thing or two from Lloyd Blankfein. Jamie made a public spectacle of himself by attacking Bitcoin

and threatening to fire his employees, if they traded Bitcoin. Lloyd acknowledge that he is still keeping a open mind about this

technology and this shows pure class. People should follow this same strategy... "Think for yourself & Do proper research"

before you make a ass of yourself. 

[ettessuta]

many of rich speak is try to make price increase and make fast money

[pixie85]

GS has been very open to all kinds of cryptocurrencies for a long time. IIRC they were the first to adapt Ripple.

Ripple hasn't been doing so good lately despite the adoption. I was expecting more from it.
I like the stance of GS here. Other banks could learn a thing or two from them, especially JP.

[ApocalypseNow]

That's really why everyone is being skeptic to bitcoin and the reason is because it's an entirely new concept to them and it's kind of hard to accept for most old people. They are afraid of new things unlike the people of this new generation.

[CryptoBry]

They ridiculed it, they tried to fight it and couldn't win, so they are going to join it now. It's funny how the stance of bankers changes with time. I'm just waiting to see Jimmie say the same next year... or be fired The sooner they realize that BTC and fiat can coexist and that BTC doesn't mean the end of banking, the better for them.
Maybe 200 years from now even someone like me might be comfortable with it. -You don't have so much time, better work on getting used to it sooner because in 10 years it's going to be driving the economy.

It is just the way it is. When the bankers and financial institutions are learning that Bitcoin can never be stopped they are now instead joining the line to be a big part of it and they can even soon steal the limelight away from small holders of Bitcoin all over the world. These are the same people that put the world into financial crisis many times over and now they can be doing the same thing with Bitcoin if we are not careful. We are just hoping that their coming in can results into a more robust and vigorous Bitcoin and not that they will just suck Bitcoin out of its juices.

[btcton]

So here is what I am seeing way too often around not only these forums, but also the Bitcoin subreddit: We have constant news of people who may have previously been against Bitcoin starting to embrace Bitcoin and people in the comments always bashing them repeatedly for it. Truth is, from their point of view, Bitcoin was (and technically still is, like most other assets) a completely speculative asset. There is no backing for it and no significantly stable perceived value in it. Now that more people are starting to notice it, its value becomes more apparent and more appreciated by investors. It would be crazy to think that these big investors such as Sachs would brush it aside when it gets this big. It should come as no surprise to anyone that people can change opinions on the matter. What constructive value can we get other than that from these sort of articles, anyway? I don't see anything useful in this thread's replies other than some of the most recent ones.

[Embeco]

GS has been very open to all kinds of cryptocurrencies for a long time. IIRC they were the first to adapt Ripple.

Ripple hasn't been doing so good lately despite the adoption. I was expecting more from it.
I like the stance of GS here. Other banks could learn a thing or two from them, especially JP.

This is true, and I don't like Ripple at all, actually. But I appreciate GS implementing it and working with it. You got to start somewhere.

[Iranus]

They ridiculed it, they tried to fight it and couldn't win, so they are going to join it now.

You can keep convincing yourself that bankers are all the same person, but they're not.  It's not like Blankfein was brutally insulting BTC last week or something.

I'm fairly convinced that Dimon won't ever be joining.  His mentality is going to stay just about the same.

in 10 years it's going to be driving the economy.

Pretty bold statement to make based on no evidence except recent price increases.

[awilliams]

Hey, we can hate on him for hating on bitcoin, but looks like he's on our side lol. Doesn't matter because bitcoin will grow with or without him