Quote from: sarajahon on May 09, 2018, 07:15:03 AM

Gray Cohn, former president of Goldman Sachs and also former chief economic advisor to US President Donald Trump. Cohn believes that world will have global cryptocurrency in future but it will not be a Bitcoin. Cohn told on CNBC on May 8th Squawk interview.

The future will have simpler global cryptocurrency

In an interview with Squawk on the Street, the former president of Goldman Sachs, Gray Cohn said,

I'm not a big believer in bitcoin. I am a believer in blockchain technology. I do think we will have a 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.

Even after a rapid growth in bitcoin there are several issues like it price volatility, high transaction volumes. Accordingly, the Cohns believes that global cryptocurrency in the future will be simplest and easier to understand compared to Bitcoin.

He said,

It will probably have some blockchain technology behind it, but it will be much more easily understood how its created, how it moves and how people can use it.

Furthermore, he thinks that the global cryptocurrency in the future will not be on mining costs or electricity cost. However, Bitcoin mining is completely depending on miners system to solves hashes in return to get rewards via PoW protocol. In last October, bitcoin mining required 56 million kilowatt-hours of electricity per day at an expense of $6.7 million.

On the note, Cohn was asked about the Goldman Sachs recent reports like it is offering Bitcoin contracts and aiming to open a trading desk. He replied, Goldman Sachs must consider only the best interests of their shareholders. Later on, he also mentioned saying that he owns no share in Goldman Sachs.

Additionally, he said about his March departure from the Trump administration, that he was considering running a regulated bank, but in digitized world.

I do have an idea for a company. It would be an interesting concept playing on the knowledge I know from the banking world.
Simultaneously, bitcoin price is floating towards the mark of $10,000, still many believes and hopes that bitcoin will hit the heights.

Also Read here: Goldman Sachs Predicts a Global Cryptocurrency Other Than Bitcoin

Do you think there will be other global cryptocurrency in the future? Let us know in Twitter and Telegram.

Historically speaking there is allot of evidence supporting this theory but my thing is BTC was the first digital scarce asset, it also grown organically without a 3rd party so its not a security so I can see how or why there would be a mass exodus to a competing project, a project that could be clamped down on the the securities exchange commission

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