{"id":162995,"date":"2021-01-26T05:29:24","date_gmt":"2021-01-26T02:29:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/goldman-sachs-ceo-regulators-should-be-hyperventilating-at-bitcoins-success\/"},"modified":"2021-01-26T05:29:24","modified_gmt":"2021-01-26T02:29:24","slug":"goldman-sachs-ceo-regulators-should-be-hyperventilating-at-bitcoins-success","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/goldman-sachs-ceo-regulators-should-be-hyperventilating-at-bitcoins-success\/","title":{"rendered":"# Goldman Sachs CEO: Regulators should be ‘hyperventilating’ at Bitcoin’s success"},"content":{"rendered":"

“# Goldman Sachs CEO: Regulators should be ‘hyperventilating’ at Bitcoin’s success <\/strong>”
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Goldman Sachs senior chairman Lloyd Blankfein has stated that regulators should be \u201chyperventilating\u201d in response to Bitcoin\u2019s recent success, characterizing the crypto asset as undermining the capacity for lawmakers to monitor the financial system.<\/p>\n

While app<\/a>earing on CNBC\u2019s Squawk Box on Jan. 25, Blankfein asserted that Bitcoin\u2019s pseudonymous nature makes it perfect for illicit financing, stating: \u201cYou don’t know whether or not you\u2019re paying the North Koreans, or Al-Qaeda, or the revolutionary guard.\u201d<\/p>\n

Despite authorities frequently utilizing the transparency of blockchain to track the use of crypto by terrorist organizations, Blankfein questioned how regulators can allow crypto assets to flourish in their existing form.<\/p>\n

\u201cIf I were a regulator, I would be kind of hyperventilating at the success of [Bitcoin] at the moment, and I would be arming myself to deal with it,\u201d he said<\/p>\n

In order to conform Bitcoin to the existing financial and regulatory apparatus, Blankfein asserts that many of the fundamental freedoms enabled by BTC must be reined in. However, he questioned whether strong demand would continue to exist for Bitcoin without its pseudonymous privacy features:<\/p>\n

\u201cThis could be workable, but it will undermine the freedom and liberty and kind of lack of transparency that people like about it in the first place. So that\u2019s the conundrum that Bitcoin will have to deal its way out of.\u201d<\/p><\/blockquote>\n

Blankfein also criticized Bitcoin as a store of value, emphasizing its price volatility and the technological literacy required to self-custody BTC.<\/p>\n

\u201cIt\u2019s a store of value that can move 10% in a day, that if you lose the code or if you lose the slip of paper \u2014 it’s lost forever, or if somebody takes it from you \u2014 how will you know,\u201d he said.<\/p>\n

In August, the U.S. Justice Department announced it has seized millions worth of crypto from more than 300 wallets associated with Al-Qaeda and ISIS. <\/p>\n

In the announcement, Don Fort, chief of IRS criminal investigation, or IRS-CI, emphasized that the agency had been able to trace the crypto to its source \u2014 allowing it to dismantle the groups\u2019 financial networks. <\/p>\n