Bitcoin News and Finance
Goldman Sachs’ Blankfein Asks Why Crypto Isn’t Having a Moment Despite Inflating US Dollar, Freeze Orders Skip to main content

Goldman Sachs’ Blankfein Asks Why Crypto Isn’t Having a Moment Despite Inflating US Dollar, Freeze Orders

Goldman Sachs' Blankfein Asks Why Crypto Isn't Having a Moment Despite Inflating US Dollar, Freeze Orders

A Goldman Sachs senior chairman has asked why crypto is not having a moment despite “the inflating U.S. dollar” and governments demonstrating that they can and will freeze accounts under certain circumstances. “Not seeing it in the price, so far,” he said.

Goldman Sachs’ Blankfein Has a Question About Crypto

Lloyd Blankfein, who is currently senior chairman of the Goldman Sachs Group, tweeted about crypto Sunday. Blankfein previously served as Goldman Sachs’ chairman and chief executive officer from 2006 through September 2018.

He explained that he is keeping an open mind about crypto. However, he questioned why it is not “having a moment” given “the inflating U.S. dollar” and governments showing that they “can and will under certain circumstances freeze accounts and block payments.” He opined, “Not seeing it in the price, so far…”

Goldman Sachs' Blankfein Asks Why Crypto Isn't Having a Moment Despite Inflating US Dollar, Freeze Orders

Recently, the Canadian government froze accounts tied to the Freedom Convoy trucker protest. Furthermore, since Russia began its invasion of Ukraine, a growing number of governments are placing sanctions on certain Russian individuals and entities, which may include freezing accounts tied to them.

While bank accounts and crypto assets held at exchanges can be frozen, decentralized cryptocurrencies, like bitcoin and ether, cannot be frozen directly within the network. The CEOs of crypto exchanges Coinbase and Kraken have advised that anyone worried about their crypto assets being frozen should transfer them off exchanges and self-custody them. U.S. Senator Ted Cruz described: “One of the reasons why I’m so bullish on bitcoin is because it is decentralized and not controllable.”

As for inflation, many people view bitcoin as a hedge against rising inflation, including famed hedge fund manager Paul Tudor Jones, who said in October last year that he prefers bitcoin to gold as an inflation hedge. Blankfein’s investment bank, Goldman Sachs, said in December 2020 that bitcoin is “the retail inflation hedge.”

Many People Reply to Blankfein’s Crypto Question

The Goldman Sachs senior chairman received many replies on Twitter. Some people agreed with him that the price of bitcoin should have risen a lot more while others argued that BTC has already gone up tremendously, especially compared to other assets.

“Interesting observation and I kind of agree,” one Twitter user wrote. “Although, the only thing having a moment right now is oil, energy, and wheat.”

Crypto analyst Tuur Demeester wrote:

Bitcoin is up 10,000% in 72 months, with compounding annual returns of 116%. Kindly give it a minute.

Another Twitter user told Blankfein: “Oh it’s definitely in the price, Lloyd. Zoom out! Now imagine when you, Ken Griffin, DHH [Ruby on Rail creator David Heinemeier Hansson], and the rest of the new 2022 converts start buying in size. This adoption wave will be bigger than when Druck [Stan Druckenmiller] and PTJ [Paul Tudor Jones] started buying in 2020.”

Chris Burniske, a partner at VC firm Placeholder, commented: “Don’t paper hands it, Lloyd.”

Some people are more skeptical about cryptocurrency. One tweeted: “Crypto is on the verge of being destroyed, by restrictive government regulation, as BTC and other cryptocurrencies are being used by Russian oligarchs as a vehicle for mass money laundering and evasion of sanctions. That is the ‘moment’ we are probably about to see.”

Digital asset manager Eric Weiss replied:

It’s just a matter of education. So few people understand bitcoin’s value proposition. You clearly do. Just hodl with us Lloyd. We are going to make it.

What do you think about the Goldman Sachs senior chairman asking about crypto? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory