Former Goldman Sachs executive and President Donald Trump’s ex-Director of the National Economic Council, Gary Cohn, shared his positive views on blockchain technology while predicting a future global cryptocurrency.
Speaking to CNBC’s Bob Pisani, Cohen shared his projection, telling him, ”I do think we will have a global cryptocurrency at some point.”
Cohen did say, however, that he does not believe Bitcoin will be the currency successful in this endeavor. “I’m not a big believer in Bitcoin,” he disclosed to Pisani.
Cohn finds fault in what he sees as Bitcoin’s inaccessibility and impractical high mining costs. For a global cryptocurrency to be successful, he regards it as necessary to not be “based on mining costs and costs of electricity and things like that”.
Speaking on the need for a more accessible currency to find success globally, Cohn said, “It will be a more easily understood cryptocurrency that will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created and how it moves and how people can use it.”
Despite Cohn’s reservations about Bitcoin, he describes himself as ”a believer in blockchain technology,” the sentiment of many institutional and governmental figures in the US. Several states such as Arizona are working to instate legislation that would promote and regulate the blockchain industry while struggling to pass a bill that would allow taxes to be paid in cryptocurrencies.
CNBC’s Pisani pushed Cohen to discuss his views on Goldman Sachs’ recent decision to begin the trading of Bitcoin futures. It appeared Cohn was made uncomfortable by the question, responding somewhat defensively: “Look, they can do whatever they want. They can do whatever’s in their shareholders’ best interest.”
Goldman Sachs showing their support for Bitcoin in this form does undermine Cohn’s negative conception of the currency’s future.
Cohn left Goldman Sachs in January 2017 to join the Trump administration, leaving this position last month following reported contention with the administration regarding proposed trade tariffs on China.
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