Gary Cohn Sees Future for Global Cryptocurrency
Former head of National Economic Council and Goldman Sachs executive, Gary Cohn, thinks that there is space for global cryptocurrency if not today but sometime in the future. His comments could be just opposite to the unanimous agreement of the world’s central bank governors that digital currency could not replace the traditional currency. However, his comments would mean a lot to the country’s currency. Any international cryptocurrency could mean that it would have the potential to undermine the importance of the conventional fiat money. Currently, the American’s Greenback enjoys the status of a leadership position in international exchange of currency.
Believes In Blockchain
During an interview with CNBC, Cohn indicated that he was not a big believer in bitcoin that has been enjoying a leadership position in the cryptocurrency segment. The digital coin is also enjoying the highest price per coin and is getting a wider adoption rate throughout the world though there are some issues attached to it. However, he said that he believes in blockchain technology, which is gaining more traction beyond the cryptocurrency space. The new age technology is attracting more sectors mainly for its transparency and decentralization unlike the centralization of most of the technologies.
The former Donald Trump’s advisor also made a bold prediction on the future of the technology, Coindesk reported. He told the CNBC that “I do think we will have a global cryptocurrency at some point.” Significantly, Twitter CEO, Jack Dorsey, expressed his opinion a few weeks back that bitcoin could become a single biggest currency in ten years. Cohen also clarified that the predicted international digital currency would not be on the basis of either mining costs or electricity costs or anything like that. He was obviously referring to the power-intense mechanism that most of the blockchain-powered cryptocurrencies utilize.
During the course of the interview, the former advisor said, “It will be a more easily understood cryptocurrency that will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created and how it moves and how people can use it.” It is not clear whether such global virtual currency could be launched with the backing of any central bank or privately issued one.
None-the-less, his focus was on blockchain technology and the potential of creating an international currency. During the course of the interview, he was asked on Goldman Sachs’ decision to introduce bitcoin futures trading desk. His reply was that the company could do whatever it wants in the interest of its shareholders.
Opposition to Tariffs
Interestingly, Cohn resigned his position as a directorship from the National Economic Council a month ago after the Trump administration proposed tariffs on China. He took the decision to demonstrate his opposition to the move. He took the position in January 2017 after Trump became the President.
Before that, he was in Goldman Sachs as its president and COO since 2006. He was credited for carrying the company through the financial crisis. His comments on blockchain reflected the overall opinion about the new age technology though there some who are yet to be convinced about its potentials.