Lloyd Blankfein Ex Goldman Sachs CEO Expects rigid Regulation on Bitcoin

By: Mark Jessy

January 29, 2021 9:00 AM

The former CEO of Goldman Sachs offered his view on Bitcoin future. He Claims if I were a regulator, I would be "hyperventilating" at bitcoin success right now.

Lloyd Blankfein also discussed about the flagship cryptocurrency bitcoin on CNBC. He was asked about his views on the future of Bitcoin and other cryptocurrencies with bitcoin attracting big firms now which sets it's up to go mainstream.

Blankfein added saying: 
A possibility It might work, explaining that “at the end of the day, a currency is supposed to accomplish a couple of things. It’s meant to be a medium of exchange and store of value".

He further described bitcoin as “a store of value that can move 10% in a day, sighting security as a major concern Blankfein added: that if you lose the code or you misplace the piece of paper, it’s lost forever, or if somebody takes it from you, how will you know.

So the store of value element is a little bit tough.” As for the prospect of bitcoin becoming a medium of exchange, he argued: “here’s a problem, you don’t know whether or not you’re paying the North Koreans, Al Qaeda or the Revolutionary Guard.”

However, Blankfein said: “At the end of the day, if it ever got big enough to be substantial and a real medium of exchange, how could the regulators so focused as they are on anti-money laundering (AML)” won't step in and do something.

Lloyd Blankfein still believes Bitcoin could work but not as private and free as most anticipated as he restated that “like a lot of things, this could be workable but it will undermine the freedom and liberty and kind of lack of transparency that people like about it in the first place so that’s the conundrum that bitcoin will have to deal itself out.”

He concluded : "if I were a regulator I would be arming my self right now to deal with it"