Considering An Inflated US Dollar And Freezing Restrictions, Goldman Sachs’ Blankfein Wonders Whether Cryptocurrency Isn’t Going Through A Phase

• In terms of inflation, many people see bitcoin as a hedge against rising prices, including well-known hedge fund manager Paul Tudor Jones, who stated in October of last year that As just a hedge against inflation, he favors cryptocurrency over gold.

• The Canadian government has put a hold on accounts linked to the Freedom Convoy trucker protest. Furthermore, following Russia’s invasion of Ukraine, an increasing number of states have imposed restrictions on Russian persons and businesses, including the freezing of accounts linked to them.

• While bank accounts and crypto assets kept on exchanges can be frozen, decentralised cryptocurrencies such as bitcoin and ether cannot be locked within the network directly. The CEOs of Coinbase and Kraken, two crypto exchanges, have suggested that anyone concerned about their crypto assets being frozen should move them off of exchanges and into self-custody.

Despite the inflating US currency and governments indicating that they can and would freeze accounts in specific circumstances, a Goldman Sachs senior chairman has queried why crypto isn’t having a moment. So far, I’m not seeing it in the price, he added. Goldman Sachs’ currently senior chairman, Lloyd Blankfein, posted regarding bitcoin on Sunday. Blankfein served as Chairman and Chief Executive Officer of Goldman Sachs between 2006 to September 2018.

The Inflated US Currency

He stated that he is maintaining an open mind when it comes to cryptocurrency. However, he questioned why it isn’t having a moment given the inflated US currency and governments demonstrating that they can and would freeze accounts and stop payments under specific situations. I’m not seeing it in the price, he said. The Canadian government has put a hold on accounts linked to the Freedom Convoy trucker protest. Furthermore, following Russia’s invasion of Ukraine, an increasing number of states have imposed restrictions on Russian persons and businesses, including the freezing of accounts linked to them.

While bank accounts and crypto assets kept on exchanges can be frozen, decentralized cryptocurrencies such as bitcoin and ether cannot be locked within the network directly. The CEOs of Coinbase and Kraken, two crypto exchanges, have suggested that anyone concerned about their crypto assets being frozen should move them off of exchanges and into self-custody. Senator Ted Cruz of the United States stated, One of the reasons I’m so positive on bitcoin is that it’s decentralized and uncontrollable.

In terms of inflation, many people see bitcoin as a hedge against rising prices, including well-known hedge fund manager Paul Tudor Jones, who stated in October of last year that As just a hedge against inflation, he favors cryptocurrency over gold. In December 2020, Goldman Sachs, Blankfein’s investment bank, stated that bitcoin is the retail inflation hedge. On Twitter, Goldman Sachs’ senior chairman received a flood of responses. Some individuals agreed with him that bitcoin’s price should have increased much higher, while others claimed that bitcoin’s price has already risen dramatically, especially when compared to other assets.

Interesting observation, one Twitter user said, and I kind of agree. However, for now, the only things having a moment are oil, energy, and wheat. Oh, it’s obviously in the pricing, Lloyd, another Twitter user told Blankfein. Extend your view! Now imagine you, Ken Griffin, DHH [Ruby on Rail inventor David Heinemeier Hansson], and the rest of the 2022 converts starting to buy in bulk. This adoption wave will be larger than the one that began in 2020 when Druck [Stan Druckenmiller] and PTJ [Paul Tudor Jones] began buying.

Crypto Is On The Point Of Being Destroyed

Don’t paper hands it, Lloyd, said Chris Burniske, a partner at VC company Placeholder. Some people are warier of cryptocurrencies than others. Crypto is on the point of being destroyed, due to tight government legislation, since BTC and other cryptocurrencies are being utilized by Russian billionaires as a vehicle for mass money laundering and sanctions evasion, one Twitter user wrote. That is most likely the moment we are talking about. Eric Weiss, a digital asset manager, responded: it’s simply a question of education. only a small percentage of the population comprehends bitcoin’s value proposition. clearly, you do. just be patient with us, Lloyd. we’re going to pull it off.

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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