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Goldman Sachs Group Inc (GS) Is Bullish on Bitcoin; CEO Blankfein Just Confirmed It

The latest comments from Goldman Sachs Group Inc (NYSE:GS) CEO Lloyd Blankfein about Bitcoin are enough to confirm that the investment bank is bullish on the digital currency. During an interview with Bloomberg’s David Westin at the bank’s Sustainable Finance Innovation Forum in New York, Blankfein said that there is no reason to dismiss cryptocurrency and he is open to Bitcoin.

Blankfein said:

“I have a level discomfort with [Bitcoin] as I have a level of discomfort with anything that is new. But I’ve learned over the years that there is a lot of things that work out pretty well that I do not love.”

“Maybe 200 years from now even someone like me might be comfortable with it, but right now, I tell you, I don’t have an investment in it, but I am not willing to pooh-pooh it and that is why I say I am open to it,” he added.

Last month, Blankfein took Twitter to say that he is “thinking about Bitcoin” but has yet to make a definitive opinion about it.

The banker tweeted:

“Still thinking about #Bitcoin. No conclusion – not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold.”

Goldman Sachs Group Inc (NYSE:GS) is taking a serious interest in Bitcoin and blockchain, the technology behind the digital currency. Last month, a report from Wall Street Journal, claimed that Goldman Sachs is considering a new trading operation dedicated to Bitcoin and other digital currencies. Citing an unnamed person, the Journal reported that the investment bank held discussions with cryptocurrency experts about the project but it has yet to form a business plan.

“In response to client interest in digital currencies, we are exploring how best to serve them in the space,” Tiffany Galvin, a spokeswoman for the bank, reportedly said in a statement.

Pixabay/Public Domain

Pixabay/Public Domain

Bitcoin is a digital currency that can be exchanged for other currencies, products, and services. It has been gaining a lot of attention for a couple of years. According to a 2017 research report by Cambridge University, 2.9 to 5.8 million users are using a cryptocurrency wallet, most of them choose Bitcoin.

This year, we saw a massive increase in Bitcoin price. The digital currency briefly multiplied five times to over $5,000 from around $1,000 this year but dropped to $3,000 in September following the reports of a crackdown on cryptocurrency exchanges in China. However, the price was recovered last month and Bitcoin is currently trading at around $4,333.

Meanwhile, institutional investors are also taking a huge interest in Bitcoin and other digital currencies, given this year’s surge in the price of the digital currency. Reports suggest that Mike Novogratz, a former Fortress Investment Group executive, is going to start a $500-million hedge fund to invest in Bitcoin and other digital currencies. Another hedge fund, Horizon Kinetics believes that cryptocurrency and blockchain technology would be the next big thing in the technology industry. The hedge fund discussed both technologies in details in its Q3 letter (you can download a copy here).

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