There will be a global cryptocurrency, but not bitcoin says EX Goldman Sachs

[Kemarit]

Yes, their idea of a global Crypto currency is a currency that are centralized in every aspect of the coin from development to the hosting of the nodes to the decision making. They will also strip ALL anonymity from each address being used, because anonymity takes away the control and they need to be in control.

Yes, so we might call it a fiat based cryptocurrency. LOL. There's nothing wrong with having a global crypto. The advantage of though of having it is in terms of international trade, specially cross-border payments and of course its adaptability. And maybe we can see businesses grow overtime and we as consumers will have more options to pay. But I'm sure that crypto's like Bitcoin will still thrive against this global cryptocurrency because majority will prefer decentralizes coins.

[1714489733]

1714489733

[1714489733]

1714489733

[1714489733]

1714489733

[coinwizard_]

We all know that this idiot is completely wrong and that bitcoin will be the global currency. However, on the off chance that he is correct i bet it's price will be dependant on bitcoin so it's the same either way

[Fluxtorrence9]

He might be right because no one knows whats going to happen in the future ,bitcoin may never be the king forever as newer use of block chain technology is been release  every years but still I wonder what the next crypto king will introduce

[Argoo]

The theory of global cryptocurrency is hardly feasible. I believe that the cryptocurrency will be more used by individuals than by government agencies or even business structures. The reason for this is the high volatility of the decentralized cryptocurrency. And in a world where there will be a large number of varieties of cryptocurrency, only one type of cryptocurrency is unlikely to find its advantage. It will be used simultaneously with a dozen different cryptocurrencies with a high level of popularity.
 In addition, we do not know which way the further development of cryptocurrency will go. It is also possible to merge with conventional currency, securities or even non-cash currency.

[Freegan]

No, I do not believe that in the future a single cryptocurrency will dominate the world trade and finance because that would imply a type of centralization that is not convenient for anyone. However, I believe that in the long term only very few cryptocurrencies will be needed to cover the world's economic needs, just as currently only very few fiat currencies are needed to satisfy world trade (dollar, euro, yen, etc.). In addition, we must take into account that the tokenization of the economy is already underway, so countless tokens will be emerging in the coming years.

[jagster]

We can look at how Social Media has developed for clues as to what the future holds for crypto and Bitcoin. Myspace was huge for a while, and look at their user base now and look at their rival Facebook. At first Facebook was just for college students and then they expanded. Why did Facebook see so much growth? In my opinion, Myspace primed the public for mainstream usage. The features were nice and it just worked for people. It was a good "solution" at the right time.

So Bitcoin itself has made us all familiar with blockchain and cryptography in regards to monetary transactions, currencies, and the impact of the technology. I think it's safe to assume to there will be a second generation coin that will take the reigns. It will offer the right mainstream features, simplicity of use, versatility, and who knows what else. It will also come at the right time and people will just adopt it. It's going to happen like the two Bitcoin/crypto bull runs affected adoption thus far.

So yeah, Bitcoin will be around just how Myspace is still around, but it risks being watered down or just being left behind. It just doesn't offer enough features compared to new projects.

[Kallipso]

Those Proverbs. Okay for their descendants keep as a reflection of the culture of their ancestors. But follow them in life? Total unwillingness to take responsibility, removing it on "spirals", "returns", karma, God and so on? Well, everyone chooses their own path, this is obviously not mine.

[VanityWallets2015]

Gray Cohn, former president of Goldman Sachs and also former chief economic advisor to US President Donald Trump. Cohn believes that world will have global cryptocurrency in future but it will not be a Bitcoin. Cohn told on CNBC on May 8th Squawk interview.

The future will have simpler global cryptocurrency

In an interview with Squawk on the Street, the former president of Goldman Sachs, Gray Cohn said,

“I'm not a big believer in bitcoin. I am a believer in blockchain technology. I do think we will have a global cryptocurrency at some point where the world understands it and it's not based on mining costs or cost of electricity or things like that”.

Even after a rapid growth in bitcoin there are several issues like it price volatility, high transaction volumes. Accordingly, the Cohn’s believes that global cryptocurrency in the future will be simplest and easier to understand compared to Bitcoin.

He said,

“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”.

Furthermore, he thinks that the global cryptocurrency in the future will not be on mining costs or electricity cost. However, Bitcoin mining is completely depending on miner’s system to solves hashes in return to get rewards via PoW protocol. In last October, bitcoin mining required 56 million kilowatt-hours of electricity per day at an expense of $6.7 million.

On the note, Cohn was asked about the Goldman Sachs recent reports like it is offering Bitcoin contracts and aiming to open a trading desk. He replied, Goldman Sachs must consider only the best interests of their shareholders. Later on, he also mentioned saying that he owns no share in Goldman Sachs.

Additionally, he said about his March departure from the Trump administration, that he was considering running a regulated bank, but in digitized world.

“I do have an idea for a company. It would be an interesting concept playing on the knowledge I know from the banking world”.
Simultaneously, bitcoin price is floating towards the mark of $10,000, still many believes and hopes that bitcoin will hit the heights.

Also Read here: Goldman Sachs Predicts a Global Cryptocurrency Other Than Bitcoin


Do you think there will be other global cryptocurrency in the future? Let us know in Twitter and Telegram.

These crypto currencies that are available in the market are really very potentiating one and no doubt they will end up being declared as a central currency world wide but now the question arises that out of many crypto currencies, which will be declared as a central one and according to many financial experts and even according to many wise investors, everyone is just suggesting the name of bitcoin, because of its potential and the growth it has made in the last past decade and the number of people investing into bitcoin are millions in number and then off course it is on the top of all the crypto ranking.

[KKH84]

It's possible in the future there will be global crypto currency but not bitcoin, I think the more advanced crypto development in the world, there will be innovation about crypto where all benefits can exceed bitcoin now.

[Xardasim]

We all know that this idiot is completely wrong and that bitcoin will be the global currency. However, on the off chance that he is correct i bet it's price will be dependant on bitcoin so it's the same either way

Their inability to handle it would be a reason for their refusal. The governments don't want to reduce their power and the economic freedom means full freedom, which the end of the administration of the rulers. Because Bitcoin and Blockcahin are now available, and everyone knows how to create a new one. So, Bitcoin doesn't have to be accepted.

[olubams]

The only basis for this kind of argument is because of the control which they cannot establish in the case of bitcoin and they will never accept it. The technology behind bitcoin is one that they will continue to appreciate till forever and that is what they will rely upon in bringing about the currency that they can control. Either way, it won't remove the place of bitcoin in history because that has been settled as one that disrupt the very way we know things are being done and challenge the overreaching ability of the powers that be in the world of finance.

[KaozTiposta]

My idea is that Bitcoin was created by CIA to make a step towards a global digital currency. All these guys giving all these kind of predictions are actually insiders who know what's gonna happen in future because there's a global plan they are aware of. 
The idea is a digital currency. How is it supposed to be presented to people? Of course as always like it happened to the internet. First, they present it as a good thing, freedom and all that stuff. And then it turns into a censored prison like it's happening now thanks to Google, Youtube, Facebook etc.
So here we have Bitcoin. Freedom, hooray! And then what? As Gray Cohn said, the digital world currency is supposed to be based on blockchain technology. Here is the role of developing Bitcoin. Attract people's attention to this technology to familiarize them with it. Next step is presenting a new world currency to people.
Let's see what's gonna happen next.

[muslol67]

Gray Cohn, former president of Goldman Sachs and also former chief economic advisor to US President Donald Trump. Cohn believes that world will have global cryptocurrency in future but it will not be a Bitcoin. Cohn told on CNBC on May 8th Squawk interview.

The future will have simpler global cryptocurrency

In an interview with Squawk on the Street, the former president of Goldman Sachs, Gray Cohn said,

“I'm not a big believer in bitcoin. I am a believer in blockchain technology. I do think we will have a global cryptocurrency at some point where the world understands it and it's not based on mining costs or cost of electricity or things like that”.

Even after a rapid growth in bitcoin there are several issues like it price volatility, high transaction volumes. Accordingly, the Cohn’s believes that global cryptocurrency in the future will be simplest and easier to understand compared to Bitcoin.

He said,

“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”.

Furthermore, he thinks that the global cryptocurrency in the future will not be on mining costs or electricity cost. However, Bitcoin mining is completely depending on miner’s system to solves hashes in return to get rewards via PoW protocol. In last October, bitcoin mining required 56 million kilowatt-hours of electricity per day at an expense of $6.7 million.

On the note, Cohn was asked about the Goldman Sachs recent reports like it is offering Bitcoin contracts and aiming to open a trading desk. He replied, Goldman Sachs must consider only the best interests of their shareholders. Later on, he also mentioned saying that he owns no share in Goldman Sachs.

Additionally, he said about his March departure from the Trump administration, that he was considering running a regulated bank, but in digitized world.

“I do have an idea for a company. It would be an interesting concept playing on the knowledge I know from the banking world”.
Simultaneously, bitcoin price is floating towards the mark of $10,000, still many believes and hopes that bitcoin will hit the heights.

Also Read here: Goldman Sachs Predicts a Global Cryptocurrency Other Than Bitcoin


Do you think there will be other global cryptocurrency in the future? Let us know in Twitter and Telegram.

I wouldn't be surprised if there was a start-up news after these conversations. Everyone first criticizes Bitcoin and then seeks to uncover another coin. So everyone wants to make money.

[squatz1]

We all know that this idiot is completely wrong and that bitcoin will be the global currency. However, on the off chance that he is correct i bet it's price will be dependant on bitcoin so it's the same either way

I wouldn't be so sure of that, you're completely saying that all governments around the world are going to cave their economic power to bitcoin and allow it to be decentralized. That's not something I can see in the least, maybe I'm a pessimist, but I would think that governments fight a LITTLE harder than that.

They've had this power for so long, do you think they're going to give it up to us just like this? Come on.

Governments (and businesses) could completely ruin Bitcoin by buying a mass amount of mining equipment and running a 51 percent attack. They've thought about it, and I think that if they would ever need to -- they would.

[messito]

Bitcoin was and will be the main cryptocurrency in the future. I heard a lot of statements about him that someone would dislodge him but he always remained in the first place. I think that nothing will change in the future

[Vickyrichy]

Thanks for sharing this, I believe we are all entitle to our own opinion and ideas. The globe or world getting a common cryptocurrency will not be quite possible. The issue with the legalization of cryptocurrency is one main factor which will affect the creation of a global cryptocurrency.

[setialovers]

It could be happen global cryptocurrency but not bitcoin. Bitcoin is pioneer but i think its old technology and right now many cryptocurrency have more feature than bitcoin and more faster transaction confirmation.
I am prefer thinking that bitcoin is a store of value, like digital gold

[Flor1982]

And when that you think that it will happen that a universal crypto currency but not Bitcoin? For now, i see no one can supersede Satoshi's Bitcoin but if Goldman Sachs will create another Altcoin and they will pump it hard just to replace Bitcoin then maybe many years from now that it will become possible i guess.

[thesmallgod]

the fact that it will be a cryptocurrency make it to be directly dependent on bitcoin. bitcoin is the first and truely decentralized crypto. If there will be a global cryptocurrency, I am very sure it will be heavily regulated and I do not think this is going to be easy except hes talking about a national currency because all countries have certain regulatory body that look into any issue related to monetary policy. and this is certainly why some countries today have ban while some are not against their usage

[DooMAD]

Bitcoin is pioneer but i think its old technology and right now many cryptocurrency have more feature than bitcoin and more faster transaction confirmation.

It isn't "old technology".  The last code commit was ~6 minutes ago, so it's more up to date than most of the crapcoins that have already fallen by the wayside, despite making bold claims about how they were the "next big thing".  Bitcoin is under a constant state of development and improvement.  No coin has a comparable workforce behind it that could match Bitcoin's development pace.

Most PoW cryptocurrencies are exactly the same technology, but just sacrifice security and decentralisation for speed.  That's not a "feature", it's a compromise.  Other methods like PoS and DAG have slightly different compromises.  Try not to fall for the marketing hype when people talk about coins that are supposedly more advanced.  It's mostly cosmetic gimmickry designed to lure in some impressionable future bagholders.