Ex-Goldman Sachs CEO Lloyd Blankfein questioned this week.”Wouldn’t you think crypto would be having a moment now?” So far, I’m not seeing the price.” Blankfein appears to have backtracked on his January crypto U-turn, in which he stated his opinions were changing.
He questions why crypto is not surging as the world reminds us how controlled our financial system is, stating that he is maintaining an open mind about it. The battle in Ukraine, according to CryptoSlate, demonstrates the influence that a few corporations and governments wield over the rest of the world. Furthermore, as per the report gold has outperformed Bitcoin as a risk-off asset during these uncertain times.
A Bitcoin-related event
It almost sounds like a joke, yet heed to the age-old advice to ‘zoom out’ can often lead to the answer.
Since January 2020, Bitcoin has increased by about 500%. Yes, the question is having a moment, and it has been for several years. Only critics or day traders usually pay attention to daily variations in crypto prices.
The crisis in Ukraine has brought to light some of centralised banking’s key flaws. However, just because Bitcoin hasn’t risen 500 percent since Russia’s invasion doesn’t mean it isn’t ‘having a moment.’
Matt Huang, co-founder of crypto investing behemoth Paradigm, put Saylor’s point succinctly last week when he said there are two wolves inside Bitcoin:
- The high-potential technology asset (with high equities)
- In addition, there is a non-sovereign store of value (as a hedge against inflation, instability, autocracy, etc)
- One wolf is becoming more powerful by the day,
The wolf, according to Blankfein, should be even stronger right now. I’m not sure if this is just the start. The price of Bitcoin has increased by 10% after Blankfein published the tweet. It’s almost as if the crypto market bought the dip just to get even with him. Maybe we’re in the middle of something. Now that he’s warmed up to decentralisation, Blankfein appears a touch too impatient.
- Goldman Sachs promotes Galaxy Digital ETH fund to its clients
- Russia-Ukraine conflict may soar inflation even higher: Goldman Sachs