Midst September this year, JP Morgan CEO Jamie Dimon declared war on Bitcoin. Now, it was the turn of another Wall Street 'big boss' to continue the war. As The Guardian reports:
The boss of Goldman Sachs became the latest high-profile critic of bitcoin, claiming it is a vehicle to commit fraud as the value of the cryptocurrency plunged 20% in less than 24 hours. Lloyd Blankfein, chief executive of the US investment bank, said the client would “call somebody else” if they asked for exposure to bitcoin.
“Something that moves 20% [overnight] does not feel like a currency,” Blankfein said on Bloomberg television. “It is a vehicle to perpetrate fraud.”
His comments came during another wildly volatile trading session for the digital currency, which plunged by over $2,000 in a 24-hour period. Having topped $11,000 to a reach new record high of $11,395 on Wednesday, it fell to a low of $9,000 on Thursday, before picking up slightly later in the day.
Blankfein said Goldman did not need to have a bitcoin strategy, adding the digital currency would need to be a lot less volatile and a lot more liquid to justify closer attention. “When do I have to have a bitcoin strategy? Not today. Life must be really rosy if that is what we are talking about,” he said. “Bitcoin is not for me. A lot of things that have not been for me in the past 20 years have worked out, but I am not guessing that this will work out.”
Blankfein is the latest boss of a major bank to voice scepticism about bitcoin, after JP Morgan chief executive Jamie Dimon described it as fraud that would ultimately blow up and said it was only fit for use by drug dealers, murderers and people living in places such as North Korea.
On Wednesday, Sir Jon Cunliffe, a deputy governor of the Bank of England, said the digital currency was too small to pose a systemic threat to the global economy. He also cautioned that bitcoin investors “need to do their homework”.
Bitcoin's skyrocketing value, as well as the obvious panic of the Western banking cabal could be explained by a sequence of recent events.
Recall a recent statement made by the Head of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, that the BRICS are considering to create their own CryptoCurrency for the purposes of global commerce.
As has been described recently, Russia also made a first move to issue its own CryptoCurrency. While Vladimir Putin implied that CryptoRouble comes as a natural attempt by Russia to participate in rapid developments in the sector of monetary and commercial transactions, it is quite probable that there are other reasons too. At the time where Russia struggles to overcome continuous sanctions by the West and BRICS seek complete independence from the Western monetary monopoly, the move could contribute significantly towards the achievement of both of these goals.
Finally, the fact that China is ready to dominate the CryptoCurrency markets using supercomputer power superiority, and probably become the key issuer of a possible BRICS CryptoCurrency in the close future.
As already mentioned, the BRICS bloc grows economically quite fast and the prospect of a BRICS CryptoCurrency will contribute to the quicker demolition of dollar domination. There is a deeper reason for which the US empire is terrified in such a case. Since the early 70s with the abolition of the gold standard, dollar became the dominant currency in global scale. This fact permitted the US financial-military-industrial complex, expressed by the neocon/neoliberal ideology, to design economic and military wars in every corner of the planet to maximize its power and profits. All it needed was just machines printing dollars. The rest was the easy part.
Therefore, the prospect of a global economy flooded with decentralized CryptoCurrencies and other CryptoCurrencies issued by a major rival bloc, will become the worst nightmare for the US empire and its Western allies.
Beyond these rapid developments, it would be impossible not to mention the nearly grotesque situation where the representatives of the global financial mafia, responsible for the biggest economic disasters and various criminal activities, speak about ... fraud!