Former CEO of Goldman Sachs: “cryptocurrencies are becoming a rapidly growing ecosystem” – Bits Media

Former Chairman and CEO of Goldman Sachs Lloyd Blankfein called cryptocurrencies a rapidly developing ecosystem and said, that his view of the industry is beginning to change for the better.

In an interview on CNBC, Lloyd Blankfein (Lloyd Blankfein) expressed an opinion about development of the cryptocurrency industry. A year ago, he was skeptical about digital assets, criticized Bitcoin as a store of value and called on regulators to take urgent action against the first cryptocurrency, so she doesn't get out of control. Now the former banker said, that he changed his attitude towards digital assets.

"I can't predict the future, but I think, that it is important to be able to evaluate the present. for instance, what's happening now? Cryptocurrencies have become popular all over the world, they are being introduced into different industries. This is really happening", - Blankfein said.

He added, that the cryptocurrency ecosystem has grown significantly over the past year. Many traditional financial companies have begun to offer purchasing services to customers, trading and storage of digital assets, and also exploring the possibilities of decentralized finance (DeFi). Goldman Sachs was among them - the bank reported in May, that due to growing customer demand for crypto assets, it will continue to expand its product line, associated with cryptocurrencies.

In November, the total market capitalization of the cryptocurrency market reached $3 trillion, however now it amounts to $1.6 trillion. Blankfein believes, that the reason for the bearish sentiment in all markets over the past few weeks has been inflation. But, despite the strong fall in the BTC rate, Entire ecosystems are being built based on Bitcoin, noted Blankfein.

"May be, I'm a skeptic, but I am able to think pragmatically and can admit, that the cryptocurrency industry is capable of creating value. I remember, like a few decades ago, when did mobile phones appear, I thought: “Why carry a phone with you?” But it worked, and now everyone has it", Blankfein added.

At the beginning of the year, Goldman Sachs analysts suggested, what if Bitcoin continues to increase its market share and displace gold, its course can reach $100 000.