Former Goldman Sachs President Predicts A Global Cryptocurrency and it’s not Bitcoin

Former Goldman Sachs President Predicts A Global Cryptocurrency and it's not Bitcoin

Bitcoin is as of now reaching to become the global cryptocurrency accepted by the world. However, Gary Cohn believes that there will be another coin which will replace Bitcoin and become more popular amongst humans.

Gary Cohn, at only 58 years old has conquered much by serving as the president and chief operating officer of Goldman Sachs from 2006 to 2017. He also served as the chief economic advisor to President Donald Trump from 2017 to 2018.

Cohn told CNBC that there would be another global cryptocurrency and it won’t be Bitcoin.

Cohn was quoted saying, “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.”

In basic words, Gary Cohn found the whole concept of Bitcoin very confusing with the entire mining and technological concepts involved.

Even though he is not a big believer in Bitcoin, he added that the future global cryptocurrency would “probably have some blockchain technology behind it.”

“I’m not a big believer in bitcoin. I am a believer in blockchain technology,” Cohn said to CNBC’s Bob Pisani in an interview.

Cohn was also asked about whether Goldman Sach’s the former company he ran will start offering Bitcoin contracts. However, Cohn was quick to state that he had no shares in Goldman Sachs and “they should do what they think is in the best interests of their shareholders.”

When speaking to Bloomberg, he talked about his future and how it is related to digital technology.

“I do have an idea for a company […] It would be an interesting concept playing on the knowledge I know from the banking world,” Cohn said.

He added that it has something to do with “running a regulated bank, but in a digitized world.”

It has been seen that many Goldman Sach’s past employees have turned towards cryptocurrency. For example, Mike Novogratz who was a former Goldman Sachs executive has founded a cryptocurrency bank called Galaxy Digital. Galaxy Digital also has an ex Goldman Sachs executive as the COO.

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