Topic: There will be a global cryptocurrency, but not bitcoin says EX Goldman Sachs - page 4. (Read 931 times)

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...

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.

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.

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


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