Gary Cohn, the former president of Goldman Sachs, predicts that we will have a global cryptocurrency in the future. However, he said that it will not be bitcoin.
According to him, a currency that uses blockchain technology may be a possibility in the coming year. However, he said that it will be one that is more consumer-friendly compared to bitcoin. He said that it will be one which people can understand the ways on how to use it and what factors will affect its value.
Cohn said during a CNBC interview: “I’m not a big believer in bitcoin, I am a believer in blockchain technology. It will be a more easily understood cryptocurrency. It will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created, how it moves and how people can use it.”
Previously, Bitcoin has been massively criticised for its shady connections, sudden changes in value, and volatility, something that has made a lot of people to oppose the cryptocurrency.
Up until March 2018, Cohn served as the chief economic adviser of US President Donald Trump before resigning because of the teel and aluminium tariff plans of the US President. This was during the same period as some other people who are connected to the Trump administration also opted to resign.
Cohn is one of the several high-profile business personalities that have expressed their disbelief in Bitcoin publicly. Last, Monday Warren Buffett, the chief executive of Berkshire Hathaway and Bill Gates, the billionaire investor, both expressed their lack of faith in the cryptocurrency with Buffett saying that it is “rat poison squared.”
Similarly, Jamie Dimon, the chief executive of JPMorgan Chase, called Bitcoin, the world’s largest cryptocurrency in terms of market capitalization, a “fraud” last December. However, he later retracted his statement.