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A growing number of Wall Street companies are changing sentiment and moving towards the opportunities of an emerging digital economy. On 6 August, Goldman Sachs CEO Lloyd Blankfein shared his cryptocurrency considerations during an interview with the New York Economic Club.
Cryptocurrency could be the next evolution in cash
Blankfein appeared at the Economic Club of New York to answer questions regarding the cryptocurrency and its potential for substitution of the fiat currency in the future .
Maintaining an open mind, Blankfein said that the cryptocurrency could replace fiat currencies, just as fiat currencies made currencies backed by raw materials.
"I look at the evolution of money, and I say, you start with gold as money, and people only take hard currency and you earn gold coins, and a gold coin. Gold cost only $ 5 if it had $ 5 of gold, and eventually they gave you a piece of paper with the promise that there was $ 5 in gold to support the $ 5 piece of paper, and you could enter and redeem it, and then they gave you a piece of paper and they said that there is $ 5 in gold but you can not redeem it, and at some point they give you a piece of paper and say if it's worth $ 5, we will not redeem it and we do not even have $ 5 even if I wanted
Blankfein goes on to say that the evolution of money has persisted up to the present day, "turning into unexpected forms and changing its representation of value."
we are still doing today, and I see that morphing. And I'm saying, if I could go through that metamorphosis, if I could go through that currency fiat where they say that this is as good as it is because I, the government, say it is, why could not it? do you have a currency of consent? "
Blankfein has made it clear that he does not own Bitcoin in particular, but Goldman Sachs' CEO said it would be" too arrogant "to deny the possibility that cryptocurrency obtains public adoption as a common means of payment. [19659009] "And so, it's not for me. I do not do it. I do not own Bitcoin. Goldman Sachs, as far as I know, unless no one has told me, does not have Bitcoin. But, if it worked, I could give you the historical path for it to happen, it happened. And so, I'm not in the school to say, "Gee – because he's uncomfortable with me because he's not familiar:" This can not happen & # 39 ;. It's too arrogant. "
Goldman Sachs explores Crypto Expansion
Announced on 6 August, Goldman Sachs is considering the opportunity to offer custody services to cryptocurrency funds Goldman Sachs would become the first major investment bank to support cryptocurrency funds – potentially attracting a flow of institutional investors in the sector.
At the beginning of May, Goldman Sachs confirmed its intention to launch a Bitcoin futures trading platform to meet the growing customer demand.A month later, the company has revealed plans to expand its cryptocurrency division beyond the future of Bitcoin.
On June 20, Goldman Sachs CEO David Solomon said to Bloomberg:
"We are clarifying some futures around Bitcoin, talking about other activities there, but it is going very cautiously. We are listening to our customers and we are trying to help our customers while they are exploring those things too. "
As one of the first Wall Street companies to adopt an industry perspective on cryptocurrency, it is becoming clear that Goldman Sachs is just beginning its expansion into the new asset class.
In addition to his statement, Solomon said that the company must "evolve its business and adapt to the environment."
Cover photo by Luca Bravo on Unsplash
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Author
Jonathan Kim
Jonathan Kim is a student of the University of Washington of finance investors and cryptocurrency with a deep interest in the emerging sector of blockchain applications and cryptocurrency trading. His past experiences relate to the publication of original daily content for blockchain startups and cryptocurrency trading using the principles of technical analysis.
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