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

[sarajahon]

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.

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[Edward Finney]

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.

Historically speaking there is allot of evidence supporting this theory but my thing is BTC was the first digital scarce asset, it also grown organically without a 3rd party so its not a security so I can see how or why there would be a mass exodus to a competing project, a project that could be clamped down on the the securities exchange commission

[SuperD007]

I think that much like fiat currencies, there will be multiple global cryptocurrencies that will enjoy mass adoption.

The difference is that these currencies will not be bound by imaginary borders within specific countries like fiat currencies.

[Brianlee0112]

Ex Goldman Sachs statement is not proper I guess because without bitcoin we can’t think about crypto currency in future so bitcoin is the most popular and strong position in market. Many of the people are investing their money in her because of the price and facilities. So I don’t think without bitcoin there is any future of crypto market.

[bitart]

I think that much like fiat currencies, there will be multiple global cryptocurrencies that will enjoy mass adoption.

The difference is that these currencies will not be bound by imaginary borders within specific countries like fiat currencies.

We are on the same page in connection with this, I also think that a lot of country will start to develop a national crypto. Just have a look at Sweeden, they have already announced this. It will be easier for them, because they are already a real cashless country, so this will be a minor change for them.
What I cannot really understand yet is that what will will be the difference between the digital fiat and the national crypto, if the central bank will be the one who can issue them, but time will tell... maybe only the system behind the two different digital money, or they will just replace the digital fiat system with the national crypto...

[availcrypto]

This theory seems kind of interesting and more helpful for the investors. It's good to see Cryptocurrency being accepted by many influential people. But Bitcoin has sustained all this way in the market. Though recently it went through some downside, but I guess Bitcoin will rise again and prove its worth.

[croptodic]

Yes, there can be a global cryptocurrency and this is the need of the age. There should be a decentralized digital currency. But Goldman said ther will be a cryptocurrency but that will not be bitcoin. Bitcoin is the oldest crypto and I think this should be that global currency but Goldman said the reverse in the article. Lets look forward to future anything is possible in crypto.

[fuer44]

although some of the world's top executives do not really believe in bitcoin investments, but they all believe in the blockchain technology that's on bitcoin and maybe it will be applied in the future. I've also heard that local banks in my country will use blockchain as their technology.

[nickmax]

I do not think that in the near future there will be some kind of crypto currency, which will be able to beat bitcoin in popularity and become generally accepted throughout the world. Yes, when such a coin appears exactly, it is easy to predict, but I think this will not happen for another 20 years.

[salinaangel]

It is also similar with crypto currency. There are multiple crypto currency available in the world. But this currencies are not legal all the countries.

[DooMAD]

The only way to create a "simpler" global cryptocurrency is to sacrifice all the favourable qualities that make Bitcoin useful.  Bitcoin isn't complicated for the sake of it.  It's complicated because it solves the Byzantine Generals' Problem, because it's neutral and self-governing, because it works without any one person or company in control.  I've always been fond of this particular quote to summarise what that means:

Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.

If you want to make it simple, it means you're willing to discard all of that and more.  You can't cut corners and expect the result to be of equal quality and value.  But then I wouldn't expect any of Trump's advisors to be intelligent enough to realise this.  Just because Cohn can't understand how Bitcoin works, it doesn't mean people aren't going to use Bitcoin.  Few people in the world truly understand the inner workings of automated clearing houses, for example, but it doesn't prevent the average person from utilising those on a daily basis, likely blissfully unaware of their existence.

Peoples' ignorance does not detract from the beauty of Bitcoin.  It just means they'll be late to the party while they're wasting their time trying to come up with something simpler (but worse).

[greenvally]

Yes I believe so. There will be a common cryptocurrency that will be widely accepted and used as common medium of transaction. I hope then it will be more popular on the world.

[Argoo]

As much as we do not want bitcoin to be a single global crypto currency, this will not happen, because bitcoin can not eliminate its high volatility. The global crypto-alaith can only be an adjustable centralized crypto currency, which will not have high volatility. It is the stable crypto-ala price that can be used in interstate settlements.
 Citizens, of course, can use any crypto currency, so they will later use different crypto currency with good functionality.

[richardsNY]

As much as we do not want bitcoin to be a single global crypto currency, this will not happen, because bitcoin can not eliminate its high volatility.

Volatility is only present because of how immature this market is, and that eventually will change. It's impossible to obtain a total form of stability, but nothing in the world is completely stable -- fiat currencies can jump up and down significantly in value against each other as well, so there is no real difference technically. People blatantly assume that just because Bitcoin's price is volatile right now it will stay like that for ever, but that's not the case. Bitcoin currently still is somewhat of a niche in different ways, but that niche layer will make place for a more professional ruled market. The less short term minded individuals this market counts, the better it will be for the market in the long run.

[ABCbits]

Yet another "expert" who even don't know how bitcoin works at all. He don't even why Bitcoin use PoW as it's protocol consensus & difference between required mining electricity and electricity used to mine.
Furthermore, Bitcoin (and most cryptocurrency without complex feature) can be understood and used easier just by make a wallet with good UI/UX and open-source

[RodeoX]

Let me guess, "Sach's bucks" are the crypto of the future. 

[dupee419]

At some point I do think that bitcoin lacks on some aspects, first of all its feature of being anonymous, how cam you expect that the global cryptocurrency would be allowed go this if it ever become the global crypto, and I akso think that because of this people can secretly make. illegal transactions but I do hope that devs can change their features and make btc more promising.

[European Central Bank]

i think he has some valid points such as needing to address volatility, burning electricity, simplicity and ease of use.

but these are all things that bitcoin itself is likely, and incentivized, to solve for itself given enough time. by the time goldman coin is out bitcoin will have a decade or two of history, much wider adoption, most flaws dealt with and will have worked almost perfectly 24/7 since inception. that's quite some catching up to do.

[DooMAD]

I do think that bitcoin lacks on some aspects, first of all its feature of being anonymous, how cam you expect that the global cryptocurrency would be allowed go this if it ever become the global crypto, and I akso think that because of this people can secretly make. illegal transactions

You've heard of these things called banknotes, right?  Is your name attached to each transaction you make with those?  Is something preventing people from secretly making illegal transactions with a stack of cash?  How would that ever be allowed to become a global norm?  I assure you, the world already knows how to cope with anonymous money.  We've had it for some time.

However, Bitcoin isn't anonymous.  Bitcoin is pseudonymous, tied to addresses and recorded publicly for all to see.  Considerably less anonymous than cash is.  

Yet another "expert" who even don't know how bitcoin works at all. He don't even why Bitcoin use PoW as it's protocol consensus & difference between required mining electricity and electricity used to mine.
Furthermore, Bitcoin (and most cryptocurrency without complex feature) can be understood and used easier just by make a wallet with good UI/UX and open-source

Bingo.  Anyone who doesn't understand it naturally assumes it'll be easy to make something "better".  But the fact is, they always have a poor notion of what "better" actually looks like.  No doubt they'll make a walled-garden-currency, try to pass it off as a cryptocurrency with some flashy marketing and some benighted fools might think that's great for a while, but eventually it'll go wrong because all centralised systems are prone to corruption.  I'm looking forward to the spectacle.  All the while, real crypto will be getting stronger.  

We know they're wasting their time, they just haven't caught on yet.

[Slow death]

I'm not a big believer in bitcoin.

this responds because he said all these things and I do not understand why the hell these news channels still care about negative opinions of these guys who just want to appear on the news channels

Let me guess, "Sach's bucks" are the crypto of the future. 

hahahaha

he hates bitcoin so I do not doubt that hatred will make him commit the madness of creating his own altcoin, it would be something like Bitcoin Sashs ( Bsahs)

Yet another "expert" who even don't know how bitcoin works at all. He don't even why Bitcoin use PoW as it's protocol consensus & difference between required mining electricity and electricity used to mine.
Furthermore, Bitcoin (and most cryptocurrency without complex feature) can be understood and used easier just by make a wallet with good UI/UX and open-source