It is four months after Gary Cohn has left the White House as a chief economic advisor, and it seems like the former Goldman Sachs president is eyeing the cryptocurrency world. As he recently told Bloomberg:
“I’m not keen on what’s going on. I’m keen on what I think could be the new world of crypto, but it’s got to have a use. It can’t just be a store of valuation, there are other more practical ways to store value.”
Despite his strong stance towards Bitcoin, Cohn is confident that there are ways in which crypto could be used. This is not the first time that he, as a former Trump advisor who quit after the president slapped tariffs on steel and aluminum imports, revealed his discomfort with cryptocurrencies as they currently exist.
Previously, Cohn stated that the ‘complicated’ nature of Bitcoin worked against the cryptocurrency – and later he predicted that the global cryptocurrency of the future will be the one that is well understood and one that is not generated by mining.
As he said a year ago:
“It will be a more easily understood cryptocurrency. It will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created, how it moves and how people can use it.”
Meanwhile, Goldman Sachs is looking at unveiling Bitcoin custodial services for investment funds and other institutional investors, and hiring people in the crypto world after the rumors that it was launching a Bitcoin trading desk.
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