- Blankfein appeared at the Economic Club of New York to answer questions regarding cryptocurrency and its potential to replace fiat currency in the future.
- Blankfein continues by stating that the evolution of money has persisted into the present day, “morphing” into unexpected forms and changing in its representation of value.
- However, the Goldman Sachs CEO stated that it would be “too arrogant” to deny the possibility of cryptocurrency gaining public adoption as a common medium of payment.
- If enacted, Goldman Sachs would become the first major investment bank to back cryptocurrency funds–potentially drawing an influx of institutional investors to the sector.
- Adding to his statement, Solomon told said that the firm must “evolve its business and adapt to the environment.”