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Former Chief Economic Advisor At The White House: ‘I Am Keen On The New World Of Crypto’

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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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Altcoin News

Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019

A professor from the University of California, Los Angeles (UCLA), Scott Galloway, believes that crypto will be even worse this year and in our bitcoin news today we find out more about his opinions. Galloway thinks that crypto will struggle even further in the following 12 months because most of the emerging technologies and markets tend to move by cycles. This is why the crypto market seems to be unaffected by the developments in the industry and this is why the value of digital assets moves mostly because of sentiment than by short-term events. Last year, many of the emerging markets such as crypto and virtual reality, had really poor progress and market growth. It is extremely hard for new technologies to go with massive changes since the investors become impatient really easy. However, prior to 2018, all of these technologies had great years which led to their value increases. The professor pointed out:
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’
His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
 “So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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Bitcoin News

Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”

The CIO of Pantera Capital, Joey Krug, is in the latest cryptocurrency news for his recently written thesis in which he states that Bitcoin won't succeed as money. As Krug believes, cash payments are not the primary areas where blockchain technology catalyzes a paradigm shift. According to Krug, Bitcoin may become digital gold - but never succeed as money - mostly because of its volatility and the lack of a dynamic monetary policy for the most dominant cryptocurrency. Krug also stated that the Beam Network has a good chance of tackling the issue of money. The organization is in fact led by him as well as the founder of Bolt, Ryan Breslow, among others. It aims to pursue the original vision of crypto payments.
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.
He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
 
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Bitcoin News

Scottish Man Sentenced To Prison For Buying Firearms On The Dark Web With BTC

A Scottish man named David Mitchell, a 48-year-old from Edinburgh is in our crypto news today after using bitcoin to buy a 9mm handgun with 150 rounds worth of ammunition on the dark web. He spent almost $3,000 worth of bitcoin on the dark web hoping to ship it from the United States into Scotland. His package was intercepted by the Organized Crime Partnership and was replaced with another fake package sent to Mitchell’s address where officers had set up surveillance. The police officers acquired a search warrant and stormed his house and found the fake package after which he was arrested and charged with illegal possession of firearms. He pleaded guilty and was sentenced to 5 years in prison. The defense lawyer QC John Scott said in court that Mitchell has a history of depression and didn’t really have plans to use the firearm. He only did it because he wanted to know if it was possible. Mitchell has no previous convictions and was described as a reliable asset to the company that he works in according to his employer. The Judge Lord Pentland said:
‘’You claim that you had no intention of causing harm to anyone but the fact remains that you went to considerable lengths to get hold of a potentially lethal weapon and ammunition. You must have appreciated that this was unlawful. For this conduct you must be punished.’’
This case is only a number in the series of similar cases where bitcoin is used to carry out illegal activities on the dark web.
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Bitcoin News

American Businessman Still Missing After $950,000 In BTC Ransom Paid

The authorities have managed to arrest twelve people involved in the kidnapping of the American businessman William Sean Creighton that happened in Costa Rica but there are still no signs of the man despite the paid ransom. In our crypto news of today, we find out more. Three of the suspects were arrested in Spain while the other nine were arrested in Costa Rica and it has been more than three months since Creighton was kidnapped. His family paid a ransom of almost a million dollars in Bitcoin which was demanded after he disappeared. There have been rumors that his body was found last October but turned out that the rumors were false. The three suspects that were the main organizers of the kidnapping fled to Cuba first and then went to Spain where they stayed until their arrest. All of the tourists that travel to Central American countries are urged to pay as much attention as they can because of the high crime rate. There is even high gang activity in certain parts of Costa Rica. The US State Department issued several warnings:
‘’Pavas and Hospital neighborhoods in San Jose – Criminal assault and homicides have been reported in these areas. Gang activity, such as territorial disputes and narcotics trafficking, has been reported in Pavas in the vicinity of the U.S. Embassy.’’
There is also another case of kidnapping but in Norway where millionaire’s Tom Hagen wife was also kidnapped. The kidnappers demanded that the ransom should be paid on Monero and that the police must not be involved. However, the police did get involved and said to the public:
‘’Our goal is to find the woman alive and reunite her with her family. In serious crime cases, time is an important factor. We depend on tips that can help us come closer to finding Anne-Elisabeth.’’
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