Goldman Sachs’ CEO, “We Cannot Dismiss Bitcoin”

Goldman Sachs’ CEO, “We Cannot Dismiss Bitcoin”

Goldman Sachs’ CEO, “We Cannot Dismiss Bitcoin

$BTCUSD, $GS, $JPM, $CME, $GBTC, $AMZN

Goldman Sach’s CEO Lloyd Blankfein is keeping his ‘powder dry’ on Bitcoin the fast moving #1 cryptocurrency.

The Goldman Sachs Group Inc. (NYSE:GS) Chief says he is not willing to reject the digital currency just yet and does not hold any investments in the digital currency, he can see a world in which Bitcoin is a form of currency.

“I read a lot of history, and I know that once upon a time, a coin was worth $5 if it had $5 worth of Gold in it,” Mr. Blankfein said in a TV interview Thursday. “Now we have paper that is just backed by fiat…Maybe in the new world, something gets backed by consensus.”

Mr. Blankfein Tweeted last month that, while the was “still thinking” about Bitcoin, people were once skeptical of paper (fiat) money as well.

“I’ve learned over the years that there’s a lot of things that workout pretty well that I don’t love,” he said today.

Bitcoin certainly has been doing well in Y 2017, rising more than 600% YTD, and surpassed $7,000 for the 1st time Thursday in London, and in currently trading at $7,181.30.

And the Goldman Sachs CEO is not the only 1 pulling a Hamlet (Gold coin) Act over Bitcoin.

What was once dismissed by Wall Street as a speculative adventure has been coming up more frequently, both in positive and negative tones.

JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon said that he would fire any trader who began trading Bitcoin and that is is a fraud.

“I do not have an investment in it, but I’m not willing to pooh-pooh it and that’s why I say I’m open to it,” he concluded.

Bitcoin Bull Thomas J. Lee, who previously called for Bitcoin to hit $6,000 by the middle of Y 2018 and $25,000 by Y 2022, has turned cautious after the recent rally “on contemporaneous fundamentals.”

Mr. Lee says the roughly 60% run North in the past month to more than $7,000 is a result of multiple factors, including the CME Group Inc.’s (NASDAQ:CME) plan to offer futures and speculation Amazon.com Inc. (NASDAQ:AMZN) is acquiring crypto-related domain names.

Mr. Lee recommends buying Bitcoin in the $5,500 range on a pullback, and the Bitcoin Investment Trust (GBTC) at $750, and is “long-term constructive” on Bitcoin, holding his Y 2022 price target of $25,000

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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