Former Goldman Sachs CEO admits cryptocurrencies are "happening"

Former Goldman Sachs CEO LLoyd Blanfein has admitted his views on cryptocurrencies are “evolving” as the nascent asset class continues to grow and develop.

In an interview with CNBC, the former Chairman and CEO of Goldman Sachs shared his views on the rapidly evolving ecosystem, admitting that, while he can’t predict the future, cryptocurrencies are “happening”. 

“It’s lost a lot of value, but at a point where it’s trillions of dollars of value contributing to it and whole ecosystems are growing around it. Of course, we have the benefits of instantaneous transfer and reduction of credit risk and all the benefits of blockchain. “I can’t predict the future, but I think it’s a big thing to be able to predict the present, like, ‘What is happening?’ And I look at the crypto, and it is happening” 

The American banker had previously criticised cryptocurrencies, noting in a prior interview with CNBC that “maybe bitcoin is a kind of a bubble”. Despite Bitcoin’s current price correction, Blanfein noted that the trillions of dollars currently being pumped into the market is too large to simply be ignored, adding “I would certainly want to have an oar in that water".

Kevin O’Leary, Raoul Paul, and Goldman Sachs recently spoke about Bitcoin and the crypto market as a whole, with Goldman Sachs stating that they believe Bitcoin will be making significant gains in the coming few years. Investor Kevin O’Leary added that while he is a proponent of Bitcoin, he believes NFTs have more potential to attract capital because they can be tokenized and used to authenticate digital and even physical assets:

“You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just Bitcoin alone.”

The Goldman Sachs report published this week, revealed that the investment firm believes that BTC could reach $138,000 within the next five years. Blankfein may no longer form a part of the bank, however his views may mirror that of Goldman Sachs. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.