Gary Cohn, who was Donald Trump’s economic consultant between 2017 and 2018, commented on Bitcoin at Bloomberg. Gary Cohn explained that Bitcoin could fail.
Gary Cohn, who previously chaired Goldman Sachs, conveyed his ideas about Bitcoin in the Bloomberg Technology program. Host Emily Chang asked Cohn the following question about Bitcoin and cryptocurrencies:
“Bitcoin has dropped for a while. Do you expect a rise in Bitcoin and cryptocurrencies and do you think these coins can change the economy radically?
Gary Cohn started his words by referring to blockchain technology. According to Cohn, although Bitcoin is the first thing that comes to mind when it comes to blockchain, we see that blockchain technology is applied and necessary in many other applications. Cohn then said:
“I think all blockchain-based applications and cryptocurrencies are necessary and they are very useful. I can say that I am completely bullish about this. ”
Bitcoin may fail
Gary Cohn said he did not have a very strong opinion when it came to Bitcoin and did not describe himself as someone who completely believes in Bitcoin. While justifying this, he mentioned that Bitcoin is a potentially still developing asset. According to Cohn, developing assets can “fail” over time.
“It should not be forgotten that each asset is part of a system or asset class. In such a system, you know who owns what, which asset has who, and why it is transferred to someone else. ”
Stating that it can be clearly seen for what purposes (good or malicious) the assets that are part of a system are used, Cohn claimed that this transparency seen in the real market does not exist in Bitcoin. The former economic consultant stated that he could not provide a clear picture on many issues such as who owns how much Bitcoin, the transactions made in today’s Bitcoin system.
Do we need an unregulated system?
Cohn concluded his words by comparing traditional markets to Bitcoin:
“Many people may ask: do we need a system without control?
First of all, Bitcoin is not an integrity entity and it is unclear who owns Bitcoin. Currently we don’t know exactly how many Bitcoins are there or how much they have been mined by the miners. In addition, we have no information about how many Bitcoins have disappeared. Therefore, the integrity of the real market does not exist in Bitcoin. “