Blockchain News

Blockchain is Useful, But it is Odd to Create Money with it: Blackstone CEO


Steve Schwarzman, CEO of Blackstone, the asset management company and the richest man of the world has said that he likes blockchain but is not an admirer of Bitcoin. In his interview with Fortune on 17th September, he noted that he might not buy Bitcoin but likes the underlying technology of the coin.

While explaining his stance, he told he does not have any interest in cryptocurrencies. As he feels, it is difficult to understand, and it is pretty odd to make money using the technology. The VC decided to keep away from Bitcoin and other digital currencies during the crypto winters of 2018.

Although he has strategies to invest in the companies that work on this newly developed technology, to him, the technology is impressive.

He does not like the decentralized character of these currencies. He told that he was raised in the world where someone has to control the currencies. From his words, it could be understood that he has full faith in centralized behaviour of currencies. He further added that the global jurisdictions should have control over the coins for a reason.

He is also concerned about the criminal practices that go around these cryptocurrencies.  While making a transaction without having a proper detail may lead to many illegal activities. He feels Bitcoin is encouraging dirty money and drug money around the world.

He said that if they can solve this problem and control the money source, then it might be ok.

He expressed his support for Bitcoin by saying that the technology has excellent and will be adopted by many companies. But using it to create money is a bit abnormal for him.

The billionaire has invested in multiple industries over the time that includes a casino, German camping outfit, and a marine theme park. The man has built his empire by taking risks and was known as “Leader of the alternate world.” His present net worth is estimated to be $17.7.

The creator of Morgan Creek, Anthony Pompliano holds different views from Schwarzman. He feels it is bad to think that some loosely coordinated groups all around the planet have created the next reserve currency of the world.

Another venture capitalist of America, Tim Draper, said the complexity of Bitcoin is the reason why it is not getting mass adoption.

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