US Billionaire Praises Blockchain — But Made A Bitcoin Warning


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Stephen Schwarzman, the chairman and chief executive of Blackstone, has said he would not want to buy bitcoin, calling the decision not to, “easy.” Reports Forbes.

“I don’t have much interest in [bitcoin] because it’s hard for me to understand,” Schwarzman told Fortune, a business magazine.

Schwarzman, echoing comments made by U.S. president Donald Trump about bitcoin and crypto earlier this year, said government control over currencies allows control of “bad behavior”–which bitcoin “encourages.”

“That doesn’t mean that the blockchain technology applied to non-tradable currencies is not a good thing,” Schwarzman added.

“There’s all kinds of uses you can have from certain executions. [Blockchain technology] is a very good idea, and it will end up being adopted.”

Retailer Walmart and bank Wells Fargo have also floated the idea of creating their own cryptocurrencies.

Schwarzman, who didn’t comment on Facebook’s libra plans, could be open to the idea of privately-created and control cryptocurrencies.

“If [cryptocurrencies] could solve that [criminal behavior] problem and also the problem of controlling the money supply, then it might be OK,” he said.

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