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A former top economic advisor to President Donald Trump and president of Goldman Sachs has shared his view about bitcoin. He claims that the cryptocurrency \u201clacks some of the basic integrity of a real market,\u201d warning that it \u201cmay fail.\u201d<\/strong><\/p>\n Former White House chief economic advisor Gary Cohn said in an interview with Bloomberg\u2019s Emily Chang, published Monday, that bitcoin \u201cmay fail.\u201d<\/p>\n Cohn served as president and chief operating officer of Goldman Sachs for 26 years. He left the firm in 2016 to become President Donald Trump\u2019s chief economic advisor, the position which he resigned from in 2018.<\/p>\n During the interview, Cohn was asked: \u201chow bullish are you on bitcoin and cryptocurrencies and how much do you believe they will fundamentally transform our economy?\u201d Admitting that he does not have a strong opinion about bitcoin, he said: \u201cI\u2019m not a strong believer in bitcoin.\u201d The former Goldman Sachs executive elaborated:<\/p>\n It is a developing asset class, potentially. And for all the reasons it\u2019s a strong developing asset class, it may fail.<\/p>\n<\/blockquote>\n The former top economic advisor to President Trump explained that \u201cpart of the integrity of an asset class or part of the integrity of a system is knowing who owns it, and knowing who has it, and knowing why it\u2019s being transferred. And is it being used for legitimate causes, is it being used for good, or is it being used for illegitimate causes, is it being used in corrupt practices in corrupt ways?\u201d<\/p>\n Claiming that \u201cThe bitcoin system today has no transparency to it,\u201d the former Goldman Sachs president asserted: \u201cSo there are a lot of people that question why would you need a system that does not have an audit trail, does not have integrity, you don\u2019t know who owns it, you don\u2019t know exactly how much exists today, how much has been mined, how much has been lost, how much has been thrown away on hard drives because they don\u2019t exist anymore.\u201d Cohn concluded:<\/p>\n So it [bitcoin] lacks some of the basic integrity of a real market.<\/p>\n<\/blockquote>\n While pessimistic about bitcoin, Cohn said he is \u201cvery bullish\u201d about blockchain technology, noting that they are the \u201chighways and the pipes that are necessary for bitcoin\u201d and \u201cfor many other applications.\u201d He added, \u201cthey\u2019re very useful.\u201d<\/p>\n<\/p>\n Bitcoiners on social media were flabbergasted and amused by Cohn\u2019s comments about bitcoin. Satoshi Nakamoto Institute co-founder Pierre Rochard tweeted in response: \u201cI formally challenge Gary Cohn to a televised debate on Bitcoin\u2019s auditability. Bring him to me.\u201d Castle Island Ventures partner Nic Carter wrote that Cohn saying that \u201cbitcoin comes up short on the domain of auditability\u201d is \u201cMystifying.\u201d<\/p>\n Bitcoin evangelist and chairman of Divvy Systems and Barefoot Mining Bob Burnett tweeted to Cohn: \u201cLots of errors here. We know exactly how many bitcoin are mined. We know exactly how many bitcoin are left to be mined and when they will be mined. It doesn\u2019t lack transparency, it defines it. And that no one owns it, is the very point.\u201d<\/p>\n What do you think about Gary Cohn\u2019s view on bitcoin? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Former Trump Economic Advisor and Goldman Sachs President Gary Cohn Warns Bitcoin May Fail<\/a> appeared first on Bitcoin News<\/a>.<\/p>\nGary Cohn Thinks Bitcoin May Fail<\/h2>\n
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Bitcoiners React to Cohn\u2019s Comments<\/h2>\n