Former Trump business consultant: Bitcoin lacks market integrity
„The very aspects that make it a strong asset class could seal its failure,“ says the former Goldmann-Sachs president.
Gary Cohn, former president of Goldman Sachs and former senior economic advisor to Donald Trump, believes Bitcoin may not be a long-term prospect for investors.
In an interview with Bloomberg, Cohn said the crypto asset lacked Bitcoin Era transparency and „the basic integrity of a real market“. He said that investors might question such a system, „which has no audit trail“.
„The very aspects that make it a strong asset class could seal its failure,“ Cohn said of Bitcoin. „The integrity of a system includes certainty as to who owns it and certainty as to who owns it and certainty as to why it is being transferred“.
The former president of Goldman Sachs spoke about Bitcoin (BTC) and Blockchain after his resignation from his position in the Trump government in 2018. Since then, he has been a consultant staff member of the blockchain technology company Spring Labs.
But he still sees potential in blockchain
After the 2017 bull run, Cohn said he was „not a big fan“ of Bitcoin. But he still sees potential in blockchain technology. At the time, Cohn believed that crypto would play a role in the future of finance. But it would probably be more likely to play a global token that was „easier to understand“ than Bitcoin. He cited mining costs as a potential aspect that could cause confusion among investors.
According to Coinbase, BTC had just recently officially surpassed its previous all-time high of US$ 19,892, according to Coinbase. After reaching this critical level, some whales sold some coins, probably causing the slight decline that followed. The BTC price at the time of going to press was around 19,000 US dollars.