Goldman CEO View: Bitcoin Not Valid Currency

Bitcoin Not Valid Currency

CEO of Goldman Sachs (NYSE:GS), Lloyd Blankfein, claims that bitcoin is a “vehicle to perpetrate fraud” and has been outward about his distrust of the cryptocurrency.

“Something that moves up and down 20 percent in a day doesn’t feel like a currency, doesn’t feel like a store of value,” said Blankfein.

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Bitcoin hit its all-time high on Wednesday, reaching $11,441, but skeptics like Blankfein aren’t jumping to get in on the action, perhaps for good reason. Since this record-breaking level, bitcoin has been struggling to maintain the $10,000 threshold it had been working itself towards all week, most recently trading at $9,577 — almost $2,000 off its recently achieved high.

Blankfein has no plans to start pursuing bitcoin, personally or professionally. “If it works out — and it gets more established, and it trades more like a store of value, and it doesn’t move up and down 20 percent, and there is liquidity to it — we’ll get to it.” But Blankfein doesn’t see that happening anytime soon.

“When do I have to have a bitcoin strategy? Not today,” Blankfein stating, showing his lack of interest in the cryptocurrency.

“Bitcoin is not for me. A lot of things that have not been for me in the past 20 years have worked out, but I am not guessing that this will work out,” he concluded.

Featured Image: twitter

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