Shortly after leaving his position as a chief economic advisor in the White House, Gary Cohn focuses his attention on cryptocurrencies.
Cohn is a former president and a chief operating officer at Goldman Sachs where he was perceived as the next CEO of the investment bank.
Mr. Cohn says he is watching closely what happens on the crypto market and says there are many disruptions to be expected. On one occasion he 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,’’.
This is surely not the first time that Mr. Cohn is showing how uncomfortable he is with cryptocurrencies. But because he quit from his position at the White House after various high tariffs on aluminum were implemented, he started getting more interested in cryptocurrencies saying that this year a new huge cryptocurrency will likely show up and that won’t be bitcoin, unfortunately for some users. Cohn argues that bitcoin has a very complicated nature and this kind of nature is what works against bitcoin itself. He also predicted that the one global cryptocurrency of the future can only be one that people can easily understand it and also one that people won’t have to mine it to get it.
He indicated that he still hasn’t invested in this cryptocurrency and that he is hoping for a better, more mainstream digital currency that will preferably have lower transaction costs.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’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.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"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.
Join us on Facebook
- Crypto Venture UpStake is Redefining the Industry with a Proof-of-Burn Stable Coin
- Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
- WordPress Is Launching A Publishing Platform With Blockchain Features
- WWF Australia Launches A Blockchain Supply Tool That Allows Food Tracking
- Binance Prevents Losses By Freezing The Stolen Funds By Cryptopia Hacker
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
United States: Presidential Candidate Tulsi Gabbard Bought Crypto At Peak
Altcoin News4 days ago
Bitcoin Hovers Near $3,700 As Top Altcoins Record A Mix Of Reds And Greens
Ethereum News2 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News4 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News4 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Bitcoin Scams2 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Altcoin News3 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Blockchain News4 days ago
Washington’s Douglas County Wants To Build A Blockchain Innovation Campus