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

On Monday, Blankfein was asked by CNBC’s Andrew Ross Sorkin about his views on the nascent asset class, who noted the former banker had expressed skepticism in the past.

“Listen, my view of the situation is changing,” Blankfein said. “I can’t predict the future, but I think it’s important to be able to predict the present, like, ‘What’s going on?’ And I look at crypto, and it’s happening.”

By “happen,” Blankfein means the ecosystem around cryptocurrencies has matured over the past year, he explained. Traditional financial firms, including Goldman, have begun offering their customers ways to buy, trade, and hold digital currencies, and a parallel universe of decentralized finance protocols has emerged so holders can lend and earn a return on their parts.

Cryptocurrencies have been selling off for weeks as expectations of higher interest rates hit riskier assets. Total cryptocurrency market capitalization fell below $2 trillion last week after peaking at $3.1 trillion in November.

“It’s lost a lot of value, but to a point where billions of dollars of value are contributing to it and entire ecosystems are growing around it,” he said. “Of course we have the benefits of instant transfer and reduced credit risk and all the benefits of blockchain.”

In the past, Blankfein has criticized Bitcoin as a store of value and said regulators should “hyperventilate” over its rise.

“I may be skeptical, but I’m also pragmatic about it,” Blankfein said Monday. “So guess what? I sure wish I had an oar in this water.”

In the wide-ranging interview, Blankfein explained how uncertainty over inflation has driven markets lower in recent weeks. He also said banks are trading at an “unbelievably low multiple” and some of the best investments are made in declining markets.