Ex-Goldman Sachs CEO Lloyd Blankfein said that his views on digital assets are evolving as a result of concerns about cryptocurrencies in the past.
Blankfein admitted that the past year had seen a maturation of the space, leading him to reassess his position onCryptocurrencies.
It's a dramatic shift in perspective, especially since an ex-banker and during a sell-off period.
When it comes to the enduring debate between the banks and the Bitcoins, we each have our own take on the matter.
It was no surprise to hear Blankfein badmouthing cryptocurrencies in the past. Blankfein pointed out that regulators have a vested interest in keeping crypto in check in January 2021. The digital currency sector will never hit the heights it aspires to reach.
He also rehashed clich d arguments on the volatility of Bitcoins, making it a poor value store. The illegal use of cryptocurrencies, especially as a vehicle for money laundering, is a concern.
The illegal use ofcryptocurrencies makes up only a tiny portion of its overall activity, according to advocates. In a blog post, Coinbase puts it at less than one percent of transactions. The legacy systems are more culpable for facilitating criminal activity.
The former Goldman Sachs CEO told CNBC that he had softened his stance towardscryptocurrencies.
Blankfein said that he couldn't understand why people would want to carry a backpack phone when cell booths were everywhere.
No one, including himself, can predict the future. In trying to do so, he looks at what is happening now in the present. It is happening, based on his observations. Blankfein said that despite his skepticism, he sees trillions of dollars of capital inflow, the burgeoning ecosystem being built, and the benefits, such as instant transfer.
His pragmatism on the matter overrules his skepticism to the point he wants an oar in that water.