The senior economic adviser who served as President Donald Trump and the President of Goldman Sachs shared his views on Bitcoin. He claimed that cryptocurrencies “lack some basic integrity of the real market” and warned that they “may fail”.

Gary Cohn thinks Bitcoin may fail

Gary Cohn, the former chief economic adviser of the White House, said in an interview with Bloomberg’s Emily Chang on Monday that Bitcoin “may fail.”

Cohn has been president and chief operating officer of Goldman Sachs for 26 years. He left the company in 2016 to become President Donald Trump’s chief economic adviser, and he resigned in 2018.

In the interview, Cohen was asked: “How optimistic are you about Bitcoin and cryptocurrencies? Do you believe they will fundamentally change our economy?” He admitted that he does not have a strong view of Bitcoin. He said: ” I am not a strong believer in Bitcoin.” A former Goldman Sachs executive explained:

It may be a developing asset class. It is a powerful asset class under development for various reasons, and it may fail.

President Trump’s former chief economic adviser explained: “Part of asset class integrity or part of system integrity is knowing who owns it, knowing who owns it, and knowing why it is being transferred. It is used for legitimate reasons. , Is it used in good faith or for illegal reasons, or is it used in corrupt ways for corrupt behavior?”

The former president of Goldman Sachs declared that “the current Bitcoin system is not transparent.” Therefore, many people question why you need a system without audit trails and integrity. You don’t know who owns it. You don’t know how much it has today. How much was mined, how much was lost, how many hard drives were thrown away because they no longer exist. Cohen concluded:

and so [bitcoin] Some basic integrity of the real market is lacking.

Although pessimistic about Bitcoin, Cohen stated that he is “very optimistic” about blockchain technology, noting that they are “the highway and pipeline necessary for Bitcoin and many other applications.” He added: “They are very useful.”

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Bitcoiners react to Cohen’s comments

Bitcoiners on social media were shocked and amused by Cohen’s comments on Bitcoin. Pierre Rochard, co-founder of the Satoshi Nakamoto Institute, responded: “I officially challenged Gary Cohn to the television debate on the auditability of Bitcoin. Bring him to me.” Castle Island Ventures partner Nic Carter wrote that Cohn stated that “Bitcoin stands out in the field of auditability” is “mystification.”

Bob Burnett, the Bitcoin promoter and chairman of Divvy Systems and Barefoot Mining, tweeted to Cohn: “There are a lot of mistakes here. We know exactly how many Bitcoins are mined. We know exactly how many Bitcoins need to be mined. When to mine. It does not lack transparency, it defines it. The key is that no one owns it.”

What do you think of Gary Cohn’s view on Bitcoin? Let us know in the comments section below.

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