Remember that folks also were doubtfulwhen paper money displaced gold," Goldman Sachs Chief Executive, Blankfein gave notice of on last week
His comment follows a Wall Street Journal report that the investment bank was studying a new investment operation dedicated to bitcoin and other cryptocurrencies in response to customers demand
The plan was in early stages and may not proceed, the WSJ added, citing sources familiar with the matter.
Blankfein’ remark is in major contrast to comments made by JPMorgan’s Chief Executive, Jamie Dimon, who defined 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 stated, referring to a historical fiancial bubble from the 1600s.