Goldman Sachs ex-CEO: there will be an international cryptocurrency, but not Bitcoin

Gary Cohn has lately made several interesting remarks about the future of cryptocurrencies. Unlike some conservatives from the market of traditional assets, he believes that there actually will be an international digital currency. Nevertheless, it will not be Bitcoin, although right now it’s the most capitalized cryptocurrency on the market.

The economist has told about the factors which deprive Bitcoin of the opportunity to become accepted worldwide: it’s not easy to understand how it works for a regular consumer and its mining costs are also an obstacle. One can object to this by remembering that mining costs actually back Bitcoin, as thought, for example, by the current head of the United States Commodity Futures Trading Commission.

Gary Cohn has worked as an economic adviser for President Donald Trump and recently left this post, as one may assume - to focus on the “digitized bank” he has mentioned in one of his recent interviews regarding his future plans. How exactly this hypothetical bank will be digitized remains to be seen, but notably, Mr. Cohn has been seen expressing support for blockchain technologies.

In a joint interview with Michael Bloomberg last year, Lloyd Blankfein, current Goldman Sachs leader, has noted his distrust towards any asset that can be as volatile as Bitcoin. Experts from the same organization have voiced doubts about the most popular cryptocurrency multiple times in separate economic reports.

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