Blackstone CEO Hates Bitcoin but Loves Blockchain

Stephen Schwarzman, a billionaire investor and chief executive of investment giant Blackstone, took aim at Bitcoin recently and vowed ‘never to buy any.’ He is, however still a big believer in blockchain technology.

We’ve heard it so many times before: ‘I like blockchain, but I don’t like Bitcoin.’ That phrase has become something of a meme in the cryptocurrency space given how many times it was heard in 2018. However, it seems that one billionaire and CEO hasn’t yet figured out that the two concepts can’t be separated.

I Would ‘Never’ Buy Bitcoin

Stephen Schwarzman, the CEO of Blackstone, recently said that Bitcoin was “pretty odd” and that he would “never buy any.”

As Schwartzman told Fortune magazine, “I don’t have much interest in Bitcoin because it’s hard for me to understand.” He’s also not much of a fan of cryptocurrencies, either. However, he did tell Fortune that if cryptocurrencies can account for ‘criminal behavior’ and also the ‘problem of controlling the money supply’ then it “might be OK.”

Schwartzman, who leads the largest alternative investment firm in the world, is still a long-term believer in blockchain technology. “There are all kinds of uses you can have from certain executions. [Blockchain technology] is a very good idea, and it will end up being adopted,” he said.

Bitcoin BTC Maze

Bitcoin or Blockchain?

This divide between Bitcoin and blockchain has always been a common one cited by large banks and institutions critical of the leading cryptocurrency. Because they cannot ‘control’ Bitcoin like they can other currencies, they want to effectively take its technology and create something they can control.

Luckily, though, Bitcoin will continue to move forward with or without their approval. Schwartzman’s approval of blockchain is a positive step — but soon he will realize that you can’t have that without also incorporating cryptocurrencies as well. A world of blockchain without cryptocurrencies is arguably nonsense.

Do you think that the divide between Bitcoin/cryptocurrencies and blockchain technology will fade away as the market matures? Let us know your thoughts below in the comments. 

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Jenny
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.

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