Cryptocurrency Market as an Emerging Asset Class.
Lloyd Blankfein, the CEO of Goldman Sachs, one of the biggest investment banks in the global finance sector valued at $87 billion, has criticized skeptics that believe Bitcoin and cryptocurrency do not have a future. Open-Minded and Forward Thinking Since early 2017, Blankfein has stated that he is not yet convinced the cryptocurrency market has become a major asset class. He has frequently emphasized that investors must consider cryptocurrencies like bitcoin as an emerging asset class and acknowledge the potential of the cryptocurrency and blockchain sector. "If you 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?".
Previously, during an interview with CNBC's Kayla Tausche, Blankfein echoed a similar sentiment regarding Bitcoin, describing a period in the US history during which the US government abruptly abolished the gold standard and replaced it with a currency with no value, the US dollar. At the time, US-based businesses, individuals, and investors had difficulty accepting and embracing the US dollar, a form of paper money, as an alternative to gold, which has been the standard of money for centuries. Similar to how paper money was forced to become the natural progression from gold, Blankfein explained that Bitcoin could one day become the natural progression from fiat money to digital money, and thus, although he does not fully understand cryptocurrency and is not convinced that Bitcoin will soon become a reserve currency, Blankfein said he is open-minded about the cryptocurrency market as an emerging asset class.
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Bitcoin is a bubble. Maybe it will not burst, but fading away some day.
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