“Regulators must be hyperventilating at the success of bitcoin,” said Lloyd Blankfein, senior president of the investment group Goldman Sachs.
According to the executive, who joined the company in 1981 and held different positions since then, the first cryptocurrency is successful in terms of adoption and popularity. His words on the matter were delivered during an interview he had with the US television channel CNBC.
Anyway, Blankfein doubt the properties of bitcoin (BTC)as a store of value or medium of exchange. “Is a store of value something that can move 10% in one day? Or something that if you lose the paper with the code is lost forever? “, He wondered, to conclude:” As a store of value, I see it a little difficult.
Regarding the properties of BTC in its primary function as a means of payment, the manager is skeptical due to the capacity that has the cryptocurrency to circumvent regulations. “If it ever became big enough to be a real medium of exchange, how could regulators who are in the fight against money laundering do it, and by the way, with good reason?” He said.
President of Goldman Sachs doubts bitcoin as a means of payment or store of value. Source: CNBC Television / Youtube Screenshot.
After saying that, he gave as an example the attacks that took place on September 11, 2001 in the United States and the investigations that were carried out, which included the search of the bank accounts of those apparently involved. “We found that tracking money is the way you can anticipate and maybe prevent certain crimes,” he said.
Despite his skepticism about bitcoin as a store of value and a means of payment, the president of Goldman Sachs did not rule out that “it could work.”
Goldman Sachs could offer custody of bitcoin
As CriptoNoticias communicated, the investment company founded in 1869 is no stranger to the crypto asset developed by Satoshi Nakamoto. Already in 2018 they said that, if their clients requested access to financial products related to bitcoin such as, for example, futures, they would serve as intermediaries.
More recently, in the first days of 2021, it became known that the Goldman Sachs Group would be planning to enter the cryptocurrency market through the custody service in the United States.
Even so, the position that the financial group maintains, particularly in relation to BTC as a store of value, is similar to that of its current president. “We don’t see the growing popularity of bitcoin as an existential threat to gold’s status as a currency of last resort.”
Goldman Sachs thus differentiates itself from other investment companies that have come to weigh the virtues of the cryptoactive, mainly its scarcity, over those of the precious metal. Among these is SkyBridge, a company that in a statement defined: “Bitcoin is digital gold and, as such, it is better gold than gold.”