Cryptocurrency faced tremendous winds of opposition from banks and financial institutions since the very onset. Major financial bigshots such as Goldman Sachs were also not much confident about entering into the paradigm. However the situation is rapidly changing now. The CEO of Goldman Sachs acknowledged the fact that there lies no strong reason for dismissing Bitcoins from entering the operational plethora.
Compared to its peers, Goldman Sachs had displayed far less aggression while dealing with Bitcoins. It never threatened to close the bank accounts of customers engaging in cryptocurrency transactions. Neither did its CEO take up public platform to discredit Bitcoin as a fraud or calling Bitcoin buyers stupid.
Various U.S. banks have showcased conflicting school of thoughts regarding Bitcoins but given its nascent state of being, contradictions were bound to happen. One must also not forget that Bitcoins hold the key towards making banking operations completely obsolete in days to come.
Analysts from Goldman Sachs have taken up an advisory role towards its customers on the topic of Bitcoin price analysis since the last few months. Both institutional investors and cryptocurrency community have opened up to such advice with much warmth. Such a development is bemusing as it clearly indicates that Goldman Sachs is very much interested in establishing a liaison with the dynamic cryptocurrency world in days to come.
Lloyd Blankfein, the CEO of Goldman Sachs spoke out in favour of the crypto world earlier this week. He pointed out that in spite of facing hurdles in its beginning years, Bitcoin surely is curving out a niche for itself. Thus it simply cannot be ignored all together and given Bitcoin’s recent price hike, Bitcoin has taken the place of being a large sumptuous cookie which everyone wants a bite from.
Blankfein also spoke about the working of fiat currencies by stating that most people are not aware of the fact that a fiat currency is simply an empty promise made by the government or bank to honour the paper’s printed value. Whether or not such promises shall be kept is a matter of much debate. However the system is working just fine as of now irrespective of multiple cracks which have opened up in the past. There lies no solid ground for people to be skeptical about Bitcoins anymore. The concept of paper money has also not received universal appreciation. Bitcoin comes ahead as a new money form which is backed up by general consensus rather than centrally operating entities. The ultimate success of Bitcoin can be ensured only when it passes the test of time.
The world of finance is evolving rapidly. Bitcoin had for long been avoided by the market gurus but it can’t be for much longer. In spite of facing tremendous oppositions, Bitcoin is here to stay in the game. Whether or not other follow in its footsteps however remains a mystery.
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