Heath Terry, an Global Investment Research analyst at Goldman Sachs, stated that the blockchain technology offered many advantages for various types of assets and “the ability to transfer ownership of digital goods”.

The Goldman Sachs’ analyst expressed his views on bitcoin digital currency and the distributed public ledger in the “Exchanges at Goldman Sachs” podcast, dedicated to the latest developments and disruptors in the existing financial space. During the conversation, Terry highlighted the potential of the public ledger for asset and ownership transfers. He stated:

“It's fascinating in really early stages, but it's hard to see a world where blockchain technology doesn't change the way we think about asset ownership." And then added: We're first pitch, first inning in terms of seeing how companies are going to use that technology.” 

When asked about the reasons hindering a wider bitcoin adoption, Terry said that volatility of the cryptocurrency is scaring its potential users. While admitting that bitcoin was going to mature over time, the analyst remarked that the “sheer volatility” of the marketplace was intimidating to many market users (especially to the users new to the market):

“If I’m giving you something that you don’t know whether or not it’s going be worth the same amount tomorrow, that it was today when I gave it to you, you’ re going to be reluctant to adapt that for anything that you don’t necessarily have to.”

Among other topics discussed during the conversation were crowdfunding, peer-to-peer marketplaces, shadow banking and mobile payments. 

Heath Terry also noted that the generation of millennials was very sceptical about using credit cards due to their better understanding of the cost of financial products. However, millennials are not very disposed to trust the alternative payment methods, such as digital currency bitcoin. As CoinFox reported earlier, a recent Goldman Sachs survey revealed that about 51% of the U.S. millennials had never used bitcoin and did not plan to do so in the future.


Daria Petushkova