Gary Cohn Says Global Cryptocurrency is on the Way, But it’s not Bitcoin
Global digital currency will come in the future
Former Goldman Sachs president who also acted as a Chief advisor to President Trump Gary Cohn believes that a global digital currency will come in the future. Cohn added that the coin will be more easily understood than Bitcoin. Speaking to CNBC, he said that there would be a global digital currency at some point which will be understood by the world and it will not be based on mining costs or electricity costs.
Currently, Bitcoin mining relies on miners who solve hashed with their computers for them to get block rewards through the proof-of-work protocol. Bitcoin mining uses a lot of electricity, and in October last year, it was estimated that it drew 56 million kWh of electricity per day which was estimated to cost 6.7 million dollars.
During the interview, Cohn clarified that he is not a big believer in Bitcoin but a believer of its underlying technology, Blockchain technology. He added that the future coin could also use the blockchain technology: “The future coin will be much more easily understood how its created, how it circulates and how people can use it.”
When Cohn was asked about the reports that Goldman Sachs will start offering Bitcoin contracts with the intention of opening a Bitcoin trading desk the bank’s former president said: “Goldman Sachs should do what they know is in the best interest of their shareholders.” He stated that he did not have any shares with the banking giant.
Gary Cohn said he is currently considering running a regulated bank in the digitized world following his departure from the Trump administration. According to Cahn:
“I have an idea for a company. The idea is an interesting concept playing with the knowledge I have from the banking sector.”
Wall Street best brains seems to be moving very fast into the crypto world. This is after another former Goldman Sachs executive Mike Novogratz founded his own crypto merchant bank, Galaxy Digital which recently hired another former Goldman Sachs as its COO.