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Bitcoin Is 'Not For Me' Says Goldman Sachs CEO

For Lloyd Blankfein, bitcoin just isn’t his thing.

The Goldman Sachs chairman and CEO said in an interview on Tuesday that “it’s not for me” when asked about the world’s largest cryptocurrency by market capitalization. Appearing at the Economic Club of New York, he remarked:

“I don’t do it. I don’t own bitcoin.”

Blankfein has struck a kind of middle-of-the-road tone on cryptocurrencies in the past, which is notable considering that his firm is reportedly toeing the waters of services built around the tech.

The investment banking giant is said to have developed plans for a bitcoin futures trading operation, according to New York Times, with an eye on growing that capacity depending on the results and approval from regulators.

In a previous interview with Bloomberg in November, Blankfein said he has a “level of discomfort” with bitcoin but is open to it.

“I’ve learned over the years that there’s a lot of things that workout pretty well that I don’t love,” he said at the time. “Maybe in the new world, something gets backed by consensus … If we went into the future and bitcoins were successful, I would be able to explain how it’s a natural evolution of money.”

The Wall Street Journal reported in March that Blankfein is preparing to exit the company, a move that could come as soon as the end of this year.

Photograph by Stuart Isett/Fortune Most Powerful Women Summit

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Bitcoin Too Volatile for Goldman Sachs, Says CEO

Goldman Sachs CEO Lloyd Blankfein has said high volatility means it’s too early for the bank to consider a bitcoin strategy.

In an interview with Bloomberg on Nov. 30, Blankfein said, if a cryptocurrency can rise or fall 20 percent in a day, it “doesn’t feel like a currency, doesn’t feel like a store of value.”

He continued:

“If it works out – and it gets more established, and it trades more like a store of value, and it doesn’t move up and down 20 percent, and there is liquidity to it – we’ll get to it.”

Blankfein’s comments follow recent statements from Goldman Sachs’s global head of commodities research, Jeff Currie, who said on Wednesday that bitcoin is a commodity similar to gold, adding that the lack of liquidity is driving its volatility.

Last month, Blankfein also said that he is “open to bitcoin.” However, he indicated he still has a “level of discomfort” with the cryptocurrency, as he does with anything new – a stance that was echoed in Wednesday’s Bloomberg interview.

Lloyd Blankfein image via Fortune Live Media/Flickr

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Goldman Sachs CEO Lloyd Blankfein: I'm Open to Bitcoin

Goldman Sachs CEO Lloyd Blankfein says that he isn’t comfortable with bitcoin, but he is open to the cryptocurrency.

In an interview with Bloomberg at the Goldman Sachs Sustainable Finance Innovation Forum in New York, the CEO said that he has a “level of discomfort” over bitcoin as he has with anything that is new. His comments were in response to questions of his feelings over bitcoin futures, as recently proposed by CME Group.

Citing new technology evolutions like cellphones, Blankfein continued, “I’ve learned over the years that there’s a lot of things that workout pretty well that I don’t love.”

He continued:

“Maybe in the new world, something gets backed by consensus … If we went into the future and bitcoins were successful, I would be able to explain how it’s a natural evolution of money.”

The bank chief’s comments come after a remark last month on his Twitter account in which Blankfein he is “still thinking about bitcoin” and that he is not “endorsing or rejecting” it. The comment was in contrast with that of his counterpart at JPMorgan Chase, CEO Jamin Dimon, who now-famously stated bitcoin is a “fraud.”

On a concluding note, Blankfein said he doesn’t hold any investments in the cryptocurrency.

Lloyd Blankfein image via The Aspen Institute/Youtube

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Goldman Sachs CEO: 'No Conclusion' on Bitcoin Yet

A day after it was reported that Wall Street investment giant Goldman Sachs is weighing whether to launch a bitcoin trading operation, its influential CEO took to Twitter to voice an open – yet decidedly neutral – position on the cryptocurrency.

“Still thinking about bitcoin,” CEO Lloyd Blankfein wrote on the social media platform, going on to say that he wasn’t giving his approval or disapproval.

Citing sources with knowledge of the effort, the Wall Street Journal reported yesterday that Goldman is in the early stages of creating a trading operation specifically geared toward cryptocurrencies. At the same time, it’s not clear at this time if the investment bank will go ahead with the plan. Blankfein made no mention of that report in his tweet.

His comments stand in contrast with those from fellow Wall Street banking CEO Jamin Dimon of JPMorgan Chase, who has made headlines in recent weeks for his declaration that, in his view, bitcoin is a fraud.

Other big-bank executives like Morgan Stanley’s James Gorman have taken a more measured approach, with Gorman stating late last month that he thinks bitcoin is “more than a fad.”

Image Credit: Stuart Isett/Fortune Most Powerful Women Summit

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.