Banks and other financial institutions have opposed cryptocurrency for quite some time now. Major entities including Goldman Sachs have remained wary of Bitcoin, even though that situation is slowly changing. In fact, the CEO of Goldman Sachs recently acknowledged there is no reason to dismiss Bitcoin whatsoever. This sudden change of heart comes at an interesting time, to say the very least.
A Change of Heart for Goldman Sachs
Truth be told, Goldman Sachs has been far less aggressive when it comes to opposing Bitcoin compared to some other institutions. It never closed customer bank accounts for buying or selling cryptocurrency, nor has its CEO attempted to discredit Bitcoin as a tulip mania. Other banks, especially in the US, have some conflicting opinions in this regard, but that is only to be expected. It is difficult to keep an open mind when it comes to a new form of money that may make banks completely obsolete in the future.
Moreover, Goldman Sachs has been one of the more interesting banks when it comes to cryptocurrency and digital assets these days. More specifically, Goldman Sachs analysts have actually been advising clients on the Bitcoin price over the past few months. This advice has been well-received by the cryptocurrency community, as well as from institutional investors alike. In a way, this has been an interesting development, as it shows the institution isn’t dismissing Bitcoin whatsoever.
In fact, Goldman Sachs CEO Lloyd Blankfein confirmed as much earlier this week. More specifically, he stated that Bitcoin cannot be dismissed by the bank or anybody else, for that matter. While it is true the initial years have been pretty difficult for Bitcoin, no one can deny the world’s leading cryptocurrency is rapidly carving out its own legacy. In particular, the recent Bitcoin price spike has attracted a lot of attention from all industries.
Moreover, Blankfein touched upon how fiat currencies work. He explained that despite the widespread use of paper money, most people aren’t aware that fiat currency is an empty promise by a bank or government to honor the value printed on the paper itself. Whether or not those promises will ever be upheld when push comes to shove remains to be determined. So far, the system seems to work just fine, even though we have seen multiple cracks in the facade as well.
Truth be told, there is no reason for people to remain skeptical about Bitcoin. In fact, the concept of paper money hasn’t been universally received all that well either, which isn’t entirely surprising. A new form of money backed by consensus rather than centralized entities is something else entirely. Whether or not Bitcoin can succeed in this regard remains to be determined. The Goldman Sachs CEO isn’t skeptical whatsoever, even though that doesn’t mean he is a fan of Bitcoin or other cryptocurrencies by any means.
It is evident something is changing in the world of traditional finance. Bitcoin has been dismissed as a fad for far too long, and the time has now come to finally address the elephant in the room. Bitcoin will not go away overnight, no matter how much some people may want it to. Goldman Sachs is the first major bank to officially acknowledge Bitcoin isn’t going away. Whether or not others will follow suit remains to be seen.
When I first bought into crypto 3 months ago I was scared that I had missed the rocket for the moon.
Looks like I made it just in time 😉
Gee – thanks, Goldman.
Didn’t really need a confirmation from you guys however….
There is still plenty of time left for DA MOON!
You missed the rocket back in 2009
Yes, I’m trying to ignore that.
But I also missed the crash in 2013 and loosing all my money to MtGox.
Hope those 2 events dont repeat again.
Not really sure if the banksters approval of Bitcoin is a good thing.
To be honest, id rather they just kept ignoring it.
Truth be told, moreover, more specifically, in a way, in fact, more specifically, whether or not, in particular, for that matter, whether or not, moreover, so far, truth be told, in fact, whether or not, moreover, more over, more over. I appreciate the info but tone down the introductory phrases jeeeeezuz.
Word:
Cryptocurrency and most particularly, THE BLOCKCHAIN, are Starships!
The economies of PLANETS can be fruitfully facilitated on The Blockchain – your timing is really quite good!
Japan is throwing their ENTIRE national economy onto Blockchain and so is the UAE. The USA had a HUGE advantage by naming crypto an ASSET. WHY? Because assets are the very KINGS of cash! However now that the USA is being led to BUILD WALLS and lose trade deals, requisite vision to merely SURVIVE may have abandoned that nation. As for you, OH NO, you are right on time!
Word.
It does NOT matter what the Banksters think, not this time!