Goldman Sachs CEO: ‘It’s Arrogant to Deny Cryptocurrency’

A growing number of Wall Street firms are changing sentiment and shifting toward the opportunities of an emerging digital economy. On Aug. 6, Goldman Sachs CEO, Lloyd Blankfein, shared his thoughts on cryptocurrency during an interview with the Economic Club of New York.

Cryptocurrency Could Be the Next Evolution in Cash

Blankfein appeared at the Economic Club of New York to answer questions regarding cryptocurrency and its potential to replace fiat currency in the future.

Keeping an open mind, Blankfein said that cryptocurrency could replace fiat currencies, just as fiat currencies did to commodity-backed currencies.

“I look at the evolution of money, and I say, you start out with gold as money, and people only take hard currency, and you make gold coins, and a gold coin was only $5 if it had $5 of gold, and eventually they would give you a piece of paper with the promise that there was $5 in gold to back the $5 piece of paper, and you could go in and redeem it, and then they gave…