Goldman Sachs Chairman: “We need to take urgent action against Bitcoin»

Goldman Sachs Chairman: “We need to take urgent action against Bitcoin»

The chairman of the board of the investment bank Goldman Sachs, Lloyd Blankfein, said that regulators must urgently take action against bitcoin, otherwise it will get out of control.

Blankfein is concerned about the recent success of the first cryptocurrency. The head of Goldman Sachs described bitcoin as a crypto asset that “undermines” the ability of regulators to control the financial system. According to him, the anonymous nature of bitcoin makes it an ideal tool for financing terrorism and conducting other illegal operations.

According to Blankfein, despite the fact that the authorities and law enforcement agencies are beginning to use the blockchain to track cryptocurrency transactions and market manipulation, regulators should not allow digital assets to “thrive” in their existing form. He said:

“You don’t know who you are paying: North Koreans, the ultra-radical terrorist organization Al-Qaeda, or revolutionary figures. If I were a regulator, I would have armed myself against bitcoin long ago.”

The head of Goldman Sachs noted that in order for bitcoin to meet all legal requirements, it is necessary to deprive this crypto asset of the freedom and privileges that it possesses. However, having ceased to have confidentiality, bitcoin will no longer be in high demand.

Blankfein also criticized bitcoin as a means of saving due to its excessive volatility. In addition, according to him, people must have technical literacy to independently use bitcoin and other cryptocurrencies.

“How to call bitcoin a means of saving, if its price can fluctuate by 10% per day? If you lose a piece of paper with a key and a seed phrase, say goodbye to the money forever, ” added the chairman of Goldman Sachs.

In August, the US Department of Justice seized more than $2 million worth of cryptocurrencies from 300 wallets linked to Al-Qaeda and ISIS. This seizure of digital currencies from terrorists was the largest in history. Back in 2018, Blankfein said that bitcoin can threaten ordinary money, and not noticing this cryptocurrency is too stupid.