Wednesday, May 9, 2018

President Trump's former economic adviser predicts that a global cryptocurrency will one day emerge, but it won't be Bitcoin

Former Goldman Sachs executive and economic adviser to President Donald Trump spoke on ABC's This Week over the weekend and gave his thoughts on the future of cryptocurrencies in the financial system.

Citing the potential and viability of the Blockchain and cryptocurrencies, Cohn believes that one day a global cryptocurrency will emerge, but that it will not be Bitcoin due to its current and ongoing limitations.

There is a pressing need for a global cryptocurrency – but it will not be bitcoin, according to a former advisor to Donald Trump. 
Technological complications means that bitcoin is limited, but the technology powering it could become incredibly important, said Gary Cohn. 
The former chief economic advisor, who resigned from the Trump administration in early March, said in an interview on this week that bitcoin’s underlying blockchain technology was more interesting than the actual virtual currency. 
“I’m not a big believer in bitcoin, I am a believer in blockchain technology,” Mr Cohn told CNBC. “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 costs of electricity or things like that.” – UK Independent

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