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Bitcoin Too Volatile for Goldman Sachs, Says CEO
Goldman Sachs CEO Lloyd Blankfein has said it's to early for the bank to consider a bitcoin strategy as it "doesn't feel like a store of value."
Updated Sep 13, 2021, 7:13 a.m. Published Dec 1, 2017, 11:05 a.m.
Goldman Sachs CEO Lloyd Blankfein has said high volatility means it's too early for the bank to consider a bitcoin strategy.
In an interview with Bloomberg on Nov. 30, Blankfein said, if a cryptocurrency can rise or fall 20 percent in a day, it "doesn't feel like a currency, doesn't feel like a store of value."
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He continued:
"If it works out – and it gets more established, and it trades more like a store of value, and it doesn't move up and down 20 percent, and there is liquidity to it – we'll get to it."
Blankfein's comments follow recent statements from Goldman Sachs's global head of commodities research, Jeff Currie, who said on Wednesday that bitcoin is a commodity similar to gold, adding that the lack of liquidity is driving its volatility.
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Last month, Blankfein also said that he is "open to bitcoin." However, he indicated he still has a "level of discomfort" with the cryptocurrency, as he does with anything new – a stance that was echoed in Wednesday's Bloomberg interview.
Lloyd Blankfein image via Fortune Live Media/Flickr
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