Head of Goldman Sachs: It's "too arrogant" to ignore the Bitcoin

Despite the fact that Lloyd Blankfein does not own Bitcoins (as well as his investment bank), Goldman Sachs believes that critics should not ignore the future of the first and most important cryptocurrency. During a speech at the event The Economic Club of New York, Blankfein demonstrated an optimistic attitude towards the digital currency. CEO Goldman Sachs announced the possibility of a future in which Bitcoin and other cryptocurrencies will squeeze out official money - just like the Fiats once replaced gold and precious metals.

 Arguing about the development of money, Blankfein drew attention to the similarity between cryptocurrency and fiat money. In his opinion, neither those nor the others have an intrinsic value. However, paper money managed to become the main form of money.

After that, Blankfein asked a rhetorical question: 

"If you could go through that fiat currency where they say this is worth what it's worth because I, the government, says it is, why couldn't you have a consensus currency? And so it's not for me, I don't do it, I own no bitcoin. Goldman Sachs as far as I know… has no bitcoin, but if it does work out, I could give you the historical path why that could have happened."

Blankfein's comments contrast sharply with the opinion of the majority of high-ranking representatives of the sphere of traditional finance.

The head of Berkshire Hathaway, Warren Buffett recently called Bitcoin "rat poison in a square" and said that he was almost sure that the cryptocurrency would "end badly."

Chairman and head of JPMorgan Chase Jamie Dimon is also a well-known opponent of Bitcoin. In September last year, he called the cryptocurrency market "fraud" and said:

"If we had a trader who traded bitcoin I'd fire him in a second for two reasons. One, it's against our rules. Two, it's stupid."

Blankfein, unlike his colleagues in the traditional financial space, adheres to a more liberal approach in assessing bitcoin and other cryptocurrencies, and believes that leaving them unaddressed is too arrogant.

"I'm not in this school of saying… because it's uncomfortable with me, because it's unfamiliar, this can't happen, that's too arrogant."