Skepticism surrounding the world’s leading cryptocurrency remains as ex-Goldman Sachs President Gary Cohn says that Bitcoin will not be the true “global cryptocurrency” that people such as Twitter CEO Jack Dorsey thinks it will one day become.
Who is Gary Cohn?
Gary Cohn joined Goldman Sachs as a securities trader in 1990 and rose through the ranks until becoming COO and President in 2006 – establishing himself as an expert in the fields of banking and macroeconomics.
In 2016, Cohn left Goldman Sachs to join the White House as the National Economic Council Director for the Trump Administration. Just one year later, Cohn left the White House when President Trump announced plans to levy tariffs on aluminum and steel imports – a move that Cohn advised against.
Since then, Cohn has expressed interest in the emerging markets of cryptocurrency and blockchain applications, even proposing a “business idea” that combines blockchain with banking. In an interview with CNBC, Cohn said:
“I’m not a big believer in Bitcoin. I am a believer in blockchain technology.”
Furthermore, Cohn made clear that Bitcoin is too complex as a cryptocurrency and unfriendly to the average user’s experience when it comes to making payments or mining.
However, Cohn did express optimism to the realization of a future global cryptocurrency:
“I do think we will have a global cryptocurrency at some point where the world understands it and it’s not based on mining costs or cost of electricity or things like that.”
Bitcoin’s scalability issues further support Cohn’s opinion that the global cryptocurrency of the future “will be much more easily understood [as to] how it’s created, how it moves and how people can use it.”
Whether Bitcoin will be the world’s truly “global cryptocurrency” is uncertain, but it is becoming clear that cryptocurrency as a whole is making strides towards mass adoption by the general public, corporations, and governments.
Last week, Goldman Sachs became a vanguard in the financial world as the first major investment firm to create a Bitcoin futures trading desk.
Bitcoin is currently trading at $9,099.19 USD and has a market capitalization of $154.89 billion.
Cover Photo by Kyle Glenn on Unsplash
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