In the US economy, Gary Cohn is a popular name. He became the president and COO of Goldman Sachs in 2006. He was also the director of the National Economic Council for Trump government till April 2018. During a recent CNBC interview, he said that he believes there will be a global cryptocurrency in future, but it will not be Bitcoin.
He commented that rather than Bitcoin, he is a strong believer of blockchain technology. And in future, there will be a cryptocurrency which will be used as a common denominator for transactions all over the world. This cryptocurrency will be based on some blockchain technology but will not be as complex as Bitcoin. It will be easy to use and easy to understand how it is made and how it moves.
Bitcoins are very complicated for a common user. It uses the intensive mining process and has problems of its own. Though many companies are now trying to tackle these issues, it is still not easy to understand.
During the same interview, Cohn was asked about Goldman Sachs’ decision to launch a trading desk for Bitcoin. But to that, he answered that the company can do whatever they think is best for their shareholders.
Over the past year, the interest over cryptocurrency has increased considerably. From presidents to investment bankers, everybody across the world is talking about cryptocurrencies. It has become the hot topic of discussion on news bulletin, parliaments and even late night shows. As a result, the prices of cryptocurrencies, especially Bitcoin, has jumped by record-breaking 9000% and even 36,000%. It has become the hottest investment opportunity right now.
Earlier this week, there had been a report from Federal Reserve Bank stating that cryptocurrency can replace cash in future. On top of that, it was announced that Facebook is setting up a blockchain team. At such a time, Gary Cohn’s statement has come with celebratory optimism for crypto-enthusiasts.