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Goldman Sachs' CEO, Blankfein, will step down, granting a complex relationship to Bitcoin

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Lloyd Blankfein, 63, is expected to step down as CEO of Goldman Sachs in December, leaving the future bank uncertain several ways, including its relationship with bitcoin.

The New York Times reported that Blankfein will likely leave after the December annual corporate dinner for retired partners. As the bank announced earlier this month plans for a bitcoin trading desk and a bitcoin futures contract, its acceptance of bitcoin was undermined by doubts issued by Blankfein.

Doubts of Blankfein

In late November, he called Bitcoin a fraud tool when his price hit $ 10,000, amid reports, the company was exploring a cryptocurrency trading desk. He denied that the company had a bitcoin strategy and said the volatility of cryptocurrency made it a bad store of value. If he stops fluctuating by 20% in one day, he said he would reconsider.

Blankfein had previously said that he was "open" to Bitcoin and that he would not allow his own opinions to have an impact on the company's strategy.

In early November he said that bitcoin could prove to be the "next step" in the evolution of money. While he was ill at ease with bitcoin, he said he felt the same skepticism with mobile phones when he met them.

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Over the years, he noted, he learned a lot of things that he does not like. He went so far as to say that in the new world, it is possible that a consensual arrangement on value may exist rather than a government decree. If Bitcoin became mainstream, he said it would be the natural evolution of hard money.

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Then, in mid-November, he said that he did not like bitcoin and that it could be a bubble.

The future without Blankfein remains uncertain.

A spokesman for Goldman Sachs said that most people involved in the Bitcoin operation are still skeptical about it.

Bank recognizes activity, cites uncertainty

The company disclosed in a February 26 filing with the SEC that its investments in cryptocurrency and blockchain and its intention to support Bitcoin futures transactions could hurt the company's business. case of problems with blockchain protocols.

Bitcoin, however, is only one of the many uncertainties that the bank faces in the future.

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His mergers and acquisitions advice is much less profitable than before the financial crisis, the New York Times reports, and consumer and investment banking are not big enough to make up the difference.

Since then, the bank has strengthened its investment banking activities in mid-sized cities and has expanded its online lending and trading of currencies and commodities for large corporations.

Image from Flickr found.

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