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CEO Of Goldman Sachs Warns That Regulators Should Fear BTC Success

Lloyd Blankfein stands as the Senior Chairman of Goldman Sachs, and has recently made a very interesting statement. In his opinion, the world’s regulators should be “hyperventilating” in worry, thanks to Bitcoin’s recent success. In his opinion, Blankfein believes that Bitcoin is very much in the process of undermining lawmakers’ capacity to monitor the financial system at large.

Going All Out Against Bitcoin

Blankfein made an appearance on the Squawk Box of CNBC on the 25th of January, 2021. There, he claimed that the pseudonymous nature of Bitcoin makes it a perfect asset for illegal finance activities. In his opinion, there was no way for anyone to really know if your transaction is going into the pockets of Al-Qaeda, North Korea, or the Revolutionary Army.

Now, this seems to stand in contrast to the world’s authorities using this same blockchain technology in order to track terrorist organizations’ various crypto usage. Blankfein, however, started to question how regulators could ever have allowed cryptocurrencies to flourish in the form they are now. He went as far as to say he would be “hyperventilating” at Bitcoin’s success if he himself was a regulator, and would already be arming himself to deal with it.

Giving Advice Over Bitcoin’s Abundant Privacy

Blankfein gave these regulators a few pointers as to how to make Bitcoin, a decentralized cryptocurrency, somehow conform to the regulatory and financial apparatus already in existence. In his opinion, the many freedoms that Bitcoin allows for its users, fundamental features of the network, needs to be reined in.

The man didn’t seem completely blind, however, and highlighted that people may not give such a strong demand for the asset should Bitcoin exist without these fundamental privacy features. Blankfein, however, stated that it was Bitcoin’s problem to handle, hinting that the asset has no choice about the matter.

Many Voices Against Crypto

Blankfein didn’t seem to hold back once he got started either. After discrediting Bitcoin’s apparent excess of privacy, he criticized its use as a store of value, as well. As is the norm with these criticisms, he cited the ever-present volatility in price, as well as the level of technological literacy needed for individuals to hold BTC in self-custody wallets.

It seems that the banks of the world are suddenly going out to smear cryptocurrencies, for whatever reason this could be. Indeed, Andrew Bailey, the Governor of the Bank of England, warned that cryptocurrencies are doomed to fail, as well. It should be noted that they did so in a very short span of time relative to each other. Whatever reason this may be, Bitcoin’s current future is bright indeed.

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    A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.