Ex-Goldman CEO Lloyd Blankfein says ‘crypto is happening’ despite

Former Goldman Sachs CEO and Chairman Lloyd Blankfein said that his view of cryptocurrencies was evolving after digital assets attracted trillions of dollars in value and a rapidly growing ecosystem.

On Monday, Blankfein was asked by CNBC’s Andrew Ross Sorkin for his view on cryptocurrencies, noting that the former banker has voiced skepticism in the past.

“Look, my view of it is evolving,” Blankfein said. “I can’t predict the future, but I think it’s a big thing to be able to predict the present, like, ‘What is happening?’ And I look at the crypto, and it is happening.”

By “happening,” Blankfein means that the ecosystem around cryptocurrencies has matured in the past year, he explained. Cryptocurrencies have been selling off for weeks as the expectation of rising interest rates hit riskier assets.

“It’s lost a lot of value, but at a point where it’s trillions of dollars of value contributing to it and the whole ecosystem growing around it,” he said. “Of course, we have the benefits of instantaneous transfer and reduction of credit risk and all the benefits of blockchain.”

“I may be skeptical, but I’m also pragmatic about it,” Blankfein said. “And so guess what? I would certainly want to have an oar in that water.”

This story is developing. Please check back for updates.