Goldman Sachs’ Senior Chairman, Blankfein, asks why crypto isn’t moving despite inflation and sanctions. Currently, inflation is at its peak in almost all nations globally. At the same time, the value of the Ruble has fallen drastically due to the war. This, combined with the fact that the governments are now freezing accounts of others, shows how much control they have.
Goldman Sachs’ Senior Chairman, Blankfein on crypto
The Senior Chairman of Goldman Sachs has a valid question about the price action of cryptocurrencies. Even though there are so many things going on that should be a positive thing for crypto’s growth, the price isn’t moving. Inflation and the governments showing that they can freeze accounts whenever they want in any circumstances scream for everyone to buy crypto. But the price doesn’t reflect so far on the same.
If you are thinking that even cryptocurrencies can be frozen from exchanges, then you are absolutely right. But this stands true only in the case of centralized platforms like Coinbase and Binance. This is why if you are worried about such a thing happening, the best thing would be to move your coins to a hardware wallet or a decentralized exchange. This makes it impossible to freeze, and you have total control. And this decentralization proposition of cryptocurrencies is what makes them special.
Replies to Lloyd Blankfein
Since Llyod tweeted out this question about the price of crypto not showing any movement, he also got many replies. Many people said that the price is already up a lot. A user even pointed out that in the last 6 years, BTC us up 10000%. So, it will be a kind of a stretch to say that Bitcoin’s price isn’t moving. On the other hand, many people expressed their concerns saying that even they think the price should have moved.
There were also a few speculations that government will restrict crypto, which will destroy the future of digital currencies. This is because Russia is probably going to use crypto to evade the economic sanctions that are placed by the US and other nations.
What are your thoughts as Goldman Sachs’ Senior Chairman, Blankfein, says that the price of Bitcoin isn’t moving up? And do you think that under the current circumstances, we should have been trading higher? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: US introduces a bill sanctioning Russia’s gold reserves.