A former adviser to Donald Trump said a global currency is definitely needed, but it won't be Bitcoin. This is due to the technical limitations of Bitcoin, but he believes the technology behind it is incredibly important.
Gary Cohn, Trump's former chief economic adviser, voiced his opinion during an interview where he said that blockchain technology itself is much more interesting than cryptocurrencies. Bitcoin is the first cryptocurrency to take advantage of the potential of the blockchain, however, as time goes on and new digital currencies develop, the shortcomings of the original become increasingly apparent.
Speaking of cryptocurrencies, Cohn said:
“I don't really believe in Bitcoin, however, I do believe in blockchain technology... I do think that when people realize its potential, and when digital currencies are not dependent on mining and electricity, there will be a global cryptocurrency.”
In addition to working for Trump, Cohn was also president of Goldman Sachs. By the way, Goldman Sachs has become the first major Wall Street bank to launch Bitcoin trading. This feature should be available in the near future. Matthew Newton, an analyst at eToro, shared his views on these developments:
“For anyone who has been following cryptocurrencies over the past 18 months, this will come as no surprise. Any forward-thinking financial institution should understand the technology and embrace its enormous potential.”
Cohn said that we need to look beyond Bitcoin for the answer:
“It will be a more understandable cryptocurrency. It will certainly work on the blockchain, but will make it easier to understand how it is created, how it works, and how it can be used.”
According to https://cryptodaily.co.uk
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