Former White House Economic Advisor Gary Cohn Believes Bitcoin Is Much More Than Store Of Value

Shortly after leaving his position as a chief economic advisor in the White House, Gary Cohn focuses his attention on cryptocurrencies.
Cohn is a former president and a chief operating officer at Goldman Sachs where he was perceived as the next CEO of the investment bank.

Mr. Cohn says he is watching closely what happens on the crypto market and says there are many disruptions to be expected. On one occasion he told Bloomberg: “I’m not keen on what’s going on. I’m keen on what I think could be the new world of crypto, but it’s got to have a use. It can’t just be a store of valuation; there are other more practical ways to store value,’’.

This is surely not the first time that Mr. Cohn is showing how uncomfortable he is with cryptocurrencies. But because he quit from his position at the White House after various high tariffs on aluminum were implemented, he started getting more interested in cryptocurrencies saying that this year a new huge cryptocurrency will likely show up and that won’t be bitcoin, unfortunately for some users. Cohn argues that bitcoin has a very complicated nature and this kind of nature is what works against bitcoin itself. He also predicted that the one global cryptocurrency of the future can only be one that people can easily understand it and also one that people won’t have to mine it to get it.

He indicated that he still hasn’t invested in this cryptocurrency and that he is hoping for a better, more mainstream digital currency that will preferably have lower transaction costs.