Better Ways of Storing Value Than Bitcoin, Claims Trump’s Fmr. Economic Advisor
Four months after leaving the White House as a chief economic advisor, Gary Cohn is looking for his next challenge.
Among the various opportunities available, the former Goldman Sachs president has revealed that he is eyeing the cryptocurrency world. If he has his way, there could be some disruption in the offing.
“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,” Cohn told Bloomberg at a charity event after being asked what his next move will be after leaving the White House as Trump’s chief economic advisor.
Unhappy With the Status Quo
This is not the first time that the former Trump advisor who quit after the president slapped tariffs on steel and aluminum imports is hinting his discomfort with cryptocurrencies as they currently exist. As previously reported by CCN.com, Cohn argued in May this year that a global cryptocurrency will emerge eventually but it will not be bitcoin.
Then Cohn stated that the ‘complicated’ nature of bitcoin worked against the flagship cryptocurrency. Consequently, Cohn predicted that the global cryptocurrency of the future will be one that is well understood and one which is not generated by mining.
“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,” said Cohn.
FOMO-Resistant
Last year in December even as bitcoin was reaching record highs Cohn revealed that he wasn’t invested in the flagship cryptocurrency. At the time he indicated that he was hoping for a more mainstream digital currency with lower transaction costs to emerge in the United States.
At Goldman Sachs, Cohn had been the president and co-chief operating officer of the famed Wall Street giant where he was seen a likely successor to Lloyd Blankfein, the investment bank’s outgoing CEO. Among the mainstream financial firms, Cohn’s former employer has a fairly progressive stance with regards to cryptocurrencies.
Most recently it was reported that Goldman Sachs was looking into unveiling bitcoin custodial services for investment funds and other institutional investors. The investment bank has also made key hires from the cryptocurrency field as rumors swirled that it was launching a bitcoin trading desk.
Featured image from Flickr/World Economic Forum .
