Goldman Sachs CEO Lloyd Blankfein: I Don't Love Cryptocurrency

February 14, 2018
Updated 8d ago

Goldman Sachs CEO Lloyd Blankfein says a lot of the talk about cryptocurrencies is “hype” and that he doesn’t “love” the concept of the digital assets.

“I don’t get how something that moves thirty percent in a day, or twenty percent, can be a store of value,” he told Cheddar. “Something that is very hard to clear or retain, that gets stolen a lot -- I don’t see how that can be a medium of exchange.”

His statements come after reports in December that Goldman was planning to launch a crypto trading desk by the middle of this year. Blankfein clarified that, while the company will clear futures contracts for customers, it has no plans at this time to buy, sell, and hold positions in digital assets for its customers.

Blankfein did acknowledge, though, that his skepticism over crypto may prove to be unwarranted.

“I remember when cell phones came out, and I said to myself, ‘Who the hell is going to lug around this thing?’ A lot of things have worked out that I don’t love...I’ve learned in my life in the financial markets, sponsoring companies and investing in things, to keep an open mind as long as you can.”

For full interview click here.