Bitcoin “Is Not for Me, I Don’t Do It” Says Goldman Sachs CEO

Francisco Memoria
  • Goldman Sachs CEO Lloyd Blankfein revealed bitcoin isn't for him, as he doesn't own any.
  • Blankfein did note that if cryptocurrencies like bitcoin make it and prove they aren't a fad, he would be able to explain why.

Goldman Sachs CEO Lloyd Blankfein has recently revealed he isn’t worried about cryptocurrencies like bitcoin in “any systemic way.” To him, people are currently passionate for and against cryptocurrencies, but he isn’t a fan, as he said it “is not for me, I don’t do it.”

During an interview at the Economic Club of New York, the financial institution’s chief executive officer noted he has in the past passed on fads that worked out – citing cellphones as an example. Blankfein added:

“Now they have cryptocurrency and I always thought “I can’t say why it should work, but if it did work I could explain in hindsight why it did.”

Lloyd Blankfein

The CEO went on to refer to the evolution of money, noting that people started out with gold as ‘real’ money, which then turned to coins and notes backed by a specific amount of gold. These could be redeemed for the precious metal.

Over time, as Blankfein said, notes supposedly equivalent to an amount of gold started being used, without being redeemable. He added that “at some point they give you a paper that says ‘it’s worth $5, [but] we’re not gonna redeem it, we don’t even have the $5 if we wanted to.’”

Reflecting on how fiat currency came to be and the government’s control over money, he asked: “why can’t you have a consensus currency?” While he isn’t a bitcoin fan, he noted it would be too arrogant to say cryptocurrencies won’t make it.

Blankfein has in the past revealed he sees bitcoin and other cryptocurrencies as a “vehicle to perpetrate fraud.” Later on, however, the Wall Street titan said he has a “level of discomfort” with the flagship cryptocurrency, although he noted he is open to it.

Goldman Sachs itself, as CryptoGlobe covered, has developed plans to launch a bitcoin futures trading operation. While the exact date in which the operation will be launched hasn’t yet been set, the move was made responding to popular demand after hedge funds, endowments, and other hedge funds showed interest.

Notably reports have suggested Blankfein may leave Goldman Sachs by the end of this year, which could mean the financial institution’s stance towards cryptocurrencies could in the future change.

Hacked Exchange Cryptopia Enables Trading in 40 Different Currency Pairs

New Zealand-based digital asset exchange, Cryptopia has reportedly resumed trading on its exchange as it is now allowing 40 different trading pairs. This, after Cryptopia recently experienced from several different security breaches.

Support For Bitcoin, Litecoin, Dogecoin Pairs Added

Cryptopia’s management announced (via Twitter on March 18th) that it is planning to expand its list of coins which will again be supported on its trading platform. As noted on Cryptopia’s official support website, the exchange has enabled several different trading pairs (as of March 19th, 2019) with major cryptocurrencies. These include bitcoin (BTC), litecoin (LTC), and dogecoin (DOGE).

In response to Cryptopia’s announcement, Twitter user @dgb-chilling, a supporter of DigiByte (DGB), a cryptocurrency that uses five different mining algorithms, said that he had emailed the exchange’s support team to inform them regarding the coin’s latest update (version 6.17.2). He added that “an upgrade was recommended but not mandatory.”

Meanwhile, Chuck Norris (@CryptoTweet6) remarked: 

Now this is good news! Let’s hope the rest of the coins will be released for trading swiftly.

Other users also considered it “good news” that the compromised cryptoasset exchange was gradually resuming its operations. However, one social media user asked when Cryptopia would start enabling deposits while another inquired about why his ARK coins were still not recoverable from the trading platform. He claimed that he had deposited 1,000 ARK, currently valued at around $628, (a popular proof-of-stake based coin) on Cryptopia. The user also complained that his coins were missing “missing because [the exchange] did not update the ARK wallet."

Tens Of Millions Of Dollars Stolen In Hack

On February 27th, 2019, Cryptopia’s management announced that it was “assessing the impact incurred as a result of the hack” which led to the theft of tens of millions of dollars in cryptocurrency. Last month, Cryptopia’s support team had also estimated that the total loss incurred due to the security breaches was of around 10% of its total holdings (in the worst-case scenario).

Notably, the exchange’s official Twitter account had been silent for several weeks (since Feburary 14th). However, it released several announcements, starting in late February, in which it revealed that its staff members were working on securing each customer’s account individually. Cryptopia’s management also noted that it was taking the appropriate measures to ensure that its trading platform is secure when it is officially back online.