'Maybe bitcoin is a kind of a bubble,' Goldman Sachs CEO Blankfein

[bbc.reporter]

What is Goldman Sachs CEO, Lloyd Blankfein, trying to impart with the audience of this interview. He said that he does not like bitcoin but in the end he is open to the idea of a form of consensus money.

Is that a clue that he predicts that bitcoin's price might crash in due course? I speculate he wants it to crash so his company can buy on a discount. It is a common trick by market manipulators.  



In an interview with CNBC's Kayla Tausche, he said that "maybe bitcoin is a kind of a bubble," adding: "I don't like it. I'm not comfortable with it."

Blankfein's reason for not trusting the cryptocurrency is simple, he said: "I'm kind of an old dog to be absorbing that kind of a new trick."

But Blankfein did not say the digital currency would fail, noting that "the list of things that are conventional today that I use every day that I thought would never make it is a very long list."

"If it works, I say to myself, 'Hmmm, maybe that was a natural progression from hard money to fiat money to consensus money.' So who's to say."

Read the whole article https://www.cnbc.com/2017/11/09/maybe-bitcoin-is-a-kind-of-bubble-goldman-sachs-ceo-blankfein-says.html

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[GreatOrchid]

Goldman sachs has been talking a lot during the last few days about bitcoin, i dont know what are their real plans but it is obviously that they want to keep the price low so they can join the market at a cheap price.
But they said some good things about bitcoin, i saw a notice about another CEO who said that it was the new era of digital money, and everybody was happy with that new.
but now this is a little bit weird, what are they really trying to do? maybe they are just giving their own opinions after all, we are never going to know they real plans.

[DaMut]

actually why would we need to think about something like this ?
they have their own opinion regarding Bitcoin and so what if he said that ?
if i remember correct it was not our first time to see something like this ,
and i believe it will not be the last one either,everybody have their own problem.
as long as it does not affect us,just let them talk as their wish.
he talked that way because he want to join the train by shaking Bitcoin holders,
(it might be like that because for the past few years i saw something like that multiple times before).

[LuanX3]

I wish these SOB bankers shut up. They don't keep on commenting on bitcoins because they nothing about it but they just keep on blabbering shit about bitcoins. Remember when the bankers said shit about bitcoins then suddenly a big bank just bought loads of bitcoins when the prices went down? Yeah, those bankers are hypocrites. They say shit about it and in the end the bank that they work for just bought loads of it.

[xypos]

Well bitcoin is consensus money at least the best there is out there at the moment that is ready to be used by any adopter. So i'm not sure why he's comfortable with the idea of that but not bitcoin itself? Doesn't make much sense to me.

Anyways yeah, it's definitelyan attempt to short bitcoin in my opinion.

They obviously have demonstrated interest in BTC in the past but seem to be relatively negative right now, meaning their positions probably have changed.

[batang_bitcoin]

Is that a clue that he predicts that bitcoin's price might crash in due course? I speculate he wants it to crash so his company can buy on a discount. It is a common trick by market manipulators.  

Possibly that his company wants to get some cheaper bitcoin and this technique he got from the famous FUDman Jamie Dimon. I thought before he's one of the people that has good thought and vibes to bitcoin and now he says something like that. But this isn't going to work out, there might be some crash that's about to happen or it's a form of correction yet it will increase again. Let's see on what he'll say after saying that he's not comfortable about bitcoin.

[olushakes]

Anybody could express an opinion about bitcoin but that  does not mean the bitcoin price should follow suit. A lot of thread have showed up clamouring for the crash of bitcoin whether they are warning or they are doing it for their own interest, no one knows. But what is surprising to me, is the concentration on bitcoin while there are some other coins that have increased at an higher percentage compared to bitcoin. Maybe the right prediction should be the entire crypto currency crashing.

[adam1230]

Everyday a new stupid CEO comes and talk about bitcoin. this shows they are not happy that they don't have enough bitcoins.
They are trying to buy more cheap coins. Thats all

[Herbert2020]

they recently released their new speculation about bitcoin (before this article probably) which was predicting the price to reach $8000 ATH pretty soon so no i don't think he is predicting any kind of crash in the foreseeable future.

and the thing about bubbles is that you can not predict them and you can never call something a bubble until it bursts and price actually goes down. and until that day the price is not a bubble and you can't talk about intrinsic value of bitcoin being lower than the current price (hence defining a bubble) while there are 100,000 new members signing up on exchanges every other day to buy more bitcoin!

[ladydark]

We could already see that most of financial firms CEOs have spoken in the same tone about bitcoin.They would still continue to do so.Its quiet natural that they don't like bitcoin progressing to great heights.They are already disturbed by bitcoin's growth.

We being belonging to bitcoin community should not entertain such speech and they should not be given importance.The more we give them importance,the more their speech would get highlighted.

So,just avoid them.

[Denker]

I would guess his idea of consensus money is still extremely controlled.
Probably something like consensus between banks to rule and take advantage of us all.
Whatever he has to say and or what his opinion about Bitcoin is. I don't give a damn!!!!
He's just another arrogant, power addicted suit who never has the best interest for the average joe out there. These guys are the biggest criminals on this planet.Never forget that! This is the enemy!!!! Why Bitcoin was created in first place!

[alyssa85]

Goldman sachs has been talking a lot during the last few days about bitcoin, i dont know what are their real plans but it is obviously that they want to keep the price low so they can join the market at a cheap price.
But they said some good things about bitcoin, i saw a notice about another CEO who said that it was the new era of digital money, and everybody was happy with that new.
but now this is a little bit weird, what are they really trying to do? maybe they are just giving their own opinions after all, we are never going to know they real plans.

It's because bitcoin has been outperforming stocks and other investments and their clients are giving them a hard time because Goldman never recommended the trade of the year.

[tomahawk9]

In an interview with CNBC's Kayla Tausche, he said that "maybe bitcoin is a kind of a bubble," adding: "I don't like it. I'm not comfortable with it." Then don't talk about it?

What's their goal? to make headlines and show the world their stance on cryptocurrencies? to give publicity to bitcoin? spread FUD and speculation to manipulate the market and buy cheap coins?

It's getting annoying that they keep talking about Bitcoin in such a negative light. But honestly, I don't buy it, they aren't fooling anyone, they've been secretly involved in Bitcoin for a while now, they0ve discovered this new tecnology and now they're just waiting to exploit it and profit from it after regulations and taxes. Their curiosity is now an opportunity.

[Torque]

Bitcoin is in a massive bubble, but nothing else in the world is in any kind of bubble. Like at all.

According to "experts". 

[fabiorem]

GS already bought it. They bought it before JPM.

[Iranus]

Is that a clue that he predicts that bitcoin's price might crash in due course?

Goldman Sachs were predicting it would go to $8000 or so at a peak.  It seems quite reasonable to suggest that an asset which has increased in price by eight times since the start of the year could be in a bubble.

I speculate he wants it to crash so his company can buy on a discount.

Can you halt with the conspiracy theories?  Goldman Sachs has been largely very positive about BTC and there's no reasonable evidence that even JP Morgan was involved in market manipulation (it was one of their clients).

His thoughts here are perfectly reasonable.  He's suggesting that the idea of Bitcoin is reasonable, and part of the reason why people are buying into Bitcoin is enthusiasm for the idea, but that Bitcoin isn't the only form of "consensus money" that could ever exist.

[stompix]

I wish these SOB bankers shut up. They don't keep on commenting on bitcoins because they nothing about it but they just keep on blabbering shit about bitcoins. Remember when the bankers said shit about bitcoins then suddenly a big bank just bought loads of bitcoins when the prices went down? Yeah, those bankers are hypocrites. They say shit about it and in the end the bank that they work for just bought loads of it.

Really?
There are hundred of hypocrites right here on this forum:
https://bitcointalk.org/index.php?topic=2229116.0

Check the thread above, see the cheering for Goldman Sachs?
When big banks are buying coins or are supporting projects they are the good guys, when they warn it's a bubble they are evil blood sucking bankers.

You have to understand they have only one objective, to make money for their investors, just like bitcoiners are ready to walk over dead bodies to make money.
I was amazed how many where cheering for a total collapse in Greece that might drive the price of bitcoin up like it did in 2013.



 

[1Referee]

It's because bitcoin has been outperforming stocks and other investments and their clients are giving them a hard time because Goldman never recommended the trade of the year.

Things might change if they end up actually setting up their trading platform, which will allow their wealthy clients and institutions to enter this market. That might be the reason he isn't completely writing Bitcoin off like other CEO's of notorious wall street banks have been doing. Important factor is the constantly increasing demand from their clients that are likely bombing Goldman Sachs with Bitcoin requests, now they realize that this market offers far more profit than the traditional markets. I at some point expect every bank to at least allow their clients to buy themselves into Bitcoin directly, or through various financial instruments tied to Bitcoin's market - this is where the money is.

[btcrich]

Bitcoin is in a massive bubble, but nothing else in the world is in any kind of bubble. Like at all.

According to "experts". 

That is the exact truth ,all these big time experts who does not have any clue how bitcoin runs,come up with a conclusion that the price of bitcoin is a one big bubble as this is the only economy being affected by it  They have to understand that bitcoin could hurt their business model if they are not accepting change.

[bitllionaire]

What is Goldman Sachs CEO, Lloyd Blankfein, trying to impart with the audience of this interview. He said that he does not like bitcoin but in the end he is open to the idea of a form of consensus money.

Is that a clue that he predicts that bitcoin's price might crash in due course? I speculate he wants it to crash so his company can buy on a discount. It is a common trick by market manipulators.  



In an interview with CNBC's Kayla Tausche, he said that "maybe bitcoin is a kind of a bubble," adding: "I don't like it. I'm not comfortable with it."

Blankfein's reason for not trusting the cryptocurrency is simple, he said: "I'm kind of an old dog to be absorbing that kind of a new trick."

But Blankfein did not say the digital currency would fail, noting that "the list of things that are conventional today that I use every day that I thought would never make it is a very long list."

"If it works, I say to myself, 'Hmmm, maybe that was a natural progression from hard money to fiat money to consensus money.' So who's to say."

Read the whole article https://www.cnbc.com/2017/11/09/maybe-bitcoin-is-a-kind-of-bubble-goldman-sachs-ceo-blankfein-says.html

There are two perspective of this interview and if we further elaborate it, it will give us many sides of the image that Mr. Lloyd Blankfein portrayed of the digital currency. The first one I want to pick is that he is a man with old customs lovers and don’t want to adopt the new change because he don’t understand it. There might be some resistance due to generation so he may not be able to work on it.
The other perspective is that he wants the people to be in the same old fashion with him and invest more in his company for the organizational growth. So, this could possibly be a funds raising trick by him.
The other one is that he may be interested to buy bitcoin so, he tried to manipulate the market. Which is going through a stressed phase already and with this statement, the price of bitcoin may go down and he grabs the opportunity to buy bitcoin in a cheap price. Also with a different named company may be a subsidiary or a smaller one. I am sure it is the actual reason for his interview.