Goldman Sachs CEO Lloyd Blankfein says a lot of the talk about cryptocurrencies is “hype” and that he doesn’t “love” the concept of the digital assets. “I don’t get how something that moves thirty percent in a day, or twenty percent, can be a store of value,” he told Cheddar. “Something that is very hard to clear or retain, that gets stolen a lot -- I don’t see how that can be a medium of exchange.” His statements come after reports in December that Goldman was planning to launch a crypto trading desk by the middle of this year. Blankfein clarified that, while the company will clear futures contracts for customers, it has no plans at this time to buy, sell, and hold positions in digital assets for its customers. Blankfein did acknowledge, though, that his skepticism over crypto may prove to be unwarranted. “I remember when cell phones came out, and I said to myself, ‘Who the hell is going to lug around this thing?’ A lot of things have worked out that I don’t love...I’ve learned in my life in the financial markets, sponsoring companies and investing in things, to keep an open mind as long as you can.” For full interview [click here](https://cheddar.com/videos/goldman-sachs-ceo-lloyd-blankfein-weighs-in-on-market-volatility-crypto-and-trump).

Share:
More In Business
Starbucks’ Change Flushes Out a Debate Over Public Restroom Access
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
Trump Highlights Partnership Investing $500 Billion in AI
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Load More