It will be Too Arrogant to Think that Crypto Will not be Widely Used because it is Unfamiliar – Goldman Sachs CEO

Goldman Sachs’ CEO Lloyd Blankfein has yet again made a progressive comment about Bitcoin and cryptocurrencies in general. He was asked questions on cryptocurrencies at the Economic Club of New York on Tuesday June 19.

The Question sort to seek his opinion on chances of crypto becoming a real issue. In his response, Blankfein said that “the adoption of cryptocurrecnies like Bitcoin could happen similarly to how the adoption of paper money which replaced Gold and Silver coins, has happened.”

In his address on the evolution of money, he sort to draw atention to the similar features between crypto and paper money thereby implying that both have the same intrinsic value. He indicates that paper money in itself is consensus currency, as such a group of people can come together and decide what their consensus currency is (crypto).

Blankfein goes on to state that;

“It is too arrogant to argue that cryptocurrencies cannot be adopted on a large scale only because they are ‘uncomfortable’ or ‘unfamiliar.'”

The Goldman Sachs CEO has expressed similar sentiments in the past when in 2017 he said that people first distrusted paper currency but later they accepted it, which to him transaltes into the possibility of a future wider adoption of crytptocurrencies.

“But there are a lot of things that there weren’t for me in the past that have worked out very well. If it was 20 years forward and it worked out, I could tell you why it worked out. But based on everything I know, I am guessing that it will work out.”