October 3, 2017 / 6:50 PM / in a year

Goldman's Blankfein keeps open mind on Bitcoin

Oct 3 (Reuters) - Goldman Sachs Chief Executive Lloyd Blankfein is keeping an open mind on bitcoins.

"Still thinking about #Bitcoin. No conclusion - not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold," Blankfein tweeted on Tuesday. (bit.ly/2xP543l)

His tweet follows a Wall Street Journal report on Monday that the investment bank was exploring a new trading operation dedicated to bitcoin and other cryptocurrencies in response to client interest. (on.wsj.com/2xMdWq8)

The plan was in early stages and may not proceed, the report added, citing people familiar with the matter,

Blankfein’s tweet is in sharp contrast to comments made by JPMorgan’s CEO Jamie Dimon, who called bitcoin a “fraud”.

Speaking at a bank investor conference in New York last month, Dimon said, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

“It is worse than tulips bulbs,” Dimon said, referring to a famous market bubble from the 1600s.

Goldman's arch rival Morgan Stanley spoke in favor of the currency, calling it "more than just a fad", FT reported last week. (on.ft.com/2xMStNS) (Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D'Silva)

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