Ex Goldman Sachs senior says Bitcoin is going to draw further scrutiny, but ‘could work’

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Speculations as to whether Bitcoin is going for mass acceptance do not appear to disappear. Since companies such as Grayscale and MicroStrategy have racked up more of the commodity lately, every observer seems to have an opinion about the debate. Bitcoin also seems to be popular with Wall Street legends such as Paul Tudor Jones, Stanley Druckenmiller and Bill Miller. According to the senior chairman of Goldman Sachs, Lloyd Blankfein, Bitcoin is far from universally recognized.

On the contrary, the investment banker was more in line with the views of Bitcoin critics such as Nouriel Roubini, Peter Schiff, and Ray Dalio. In a recent interview at CNBC Squawk Box, Lloyd Blankfein said that Bitcoin “could work,” however, the asset is not a viable currency.

For any currency to be efficient, it must possess certain attributes, such as the storing of value and the trading medium, which, according to Blankfein, Bitcoin does not possess.

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Around the same time, the exec expressed his thoughts about how Bitcoin’s laws should be enforced. He thinks that in the event that bitcoin is restricted, investors might grow accustomed to new rules, but it would cost them their privacy, a key asset that attracts Bitcoin investors, in the first place. He also said:

Like a lot of things, this could be workable, but it will undermine the freedom of liberty, and kind of lack transparency that people like about it in the first place.

Recently, the digital commodity has plummeted into a price that many claims may have been the product of FUD. Especially after ECB President Chritstine Lagarde called for Bitcoin regulation because of its involvement with illicit activities. Soon after that, Janet Yellen, President Joe Biden’s option as Secretary of the Treasury, claimed that Bitcoin allowed illegal transactions.

Additionally, Blankfein claimed that Bitcoin would only draw more regulators as it rose in popularity and said:

“If I were a regulator I would be kind of hyperventilating at the success of it at the moment, and I’d be arming myself to deal with it.”

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