Crypto is Happening Despite the Crash, Says Former Goldman Sachs CEO

Lloyd Blankfein, the former Chief Executive Officer at Goldman Sachs, stated that the ecosystem around cryptocurrencies had evolved over the past year. He expressed hope that the digital asset market is “happening”, despite recent price crashes.

Optimism during The Crash

Goldman Sachs CEO from 2008 to 2018, an American banker, hasn’t always been friendly to the cryptoverse. He questioned the value of bitcoin as a store-of-value due to its volatility at the beginning of 2021. He also spoke out about private keys, stating that they can be confusing and people could easily lose them.

Blankfein seemed more positive during his recent interview with CNBC. Blankfein noted that 2021 was a very successful year and that bitcoin and other altcoins had attracted trillions. The 67-year old American believes that crypto is taking place, despite the fact that most digital assets are in deep red these past few days.

My view is changing. Although I cannot predict the future, I believe it is important to be able predict the present. I see the crypto and it is happening.

Blankfein stated that the current price drop is not a major concern, as there is already a lot of capital invested in this asset class. Blankfein also stated that altcoins and bitcoin have many benefits for the financial system, including “instantaneous transfers and reductions in credit risk.”

“And guess what?” Blankfein said, suggesting that he may jump on the cryptocurrency train.

Lloyd Blankfein. Source: CNBC

Crypto’s Current Situation

Blankfein believes that “crypto is happening”, but the market is still quite. Most digital assets have been in a downward trend since the start of the year. It is also looking very disappointing for bitcoin. With a final price of $47,000, bitcoin was the largest cryptocurrency in terms of market capitalization.

Many consider digital gold a hedge against inflation. However, it fell further after the Federal Reserve announced plans to combat monetary turmoil in the United States.

Mark Cuban, the Dallas Mavericks owner and proponent of crypto-world thought that BTC was not and would never be an inflation hedge.

Bitcoin continued to decline over the next weeks and is currently hovering at $34,000 as of this writing.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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