Gary Cohn: “Bitcoin has no long-term prospects»

Gary Cohn, former president of Goldman Sachs and former economic adviser to President Donald Trump, believes that bitcoin does not have long-term prospects for investors.

In his interview, Cohn said that bitcoin lacks ” the integrity of the real market due to a lack of transparency.” By a” holistic ” system, Kohn understands the knowledge of who owns the assets, and for what purpose they are transferred. In his opinion, there can be no trust in the system if it is not controlled by the government and state bodies. Even though bitcoin and other cryptocurrencies are an emerging asset class, it may fail.

The former president of Goldman Sachs has never been a supporter of bitcoin. Even during the rise of the first cryptocurrency in late 2017, Cohn said that he does not believe in bitcoin, although he sees the potential in the blockchain. However, the former adviser believes that in the future, digital currencies will be able to take a worthy place in the financial sector. Most likely, it will not be bitcoin, but a “more understandable” international cryptocurrency, which will not have any difficulties with the costs of mining.

The founder of Mobius Capital Partners, Mark Mobius, holds the same opinion about bitcoin. Earlier, he said that bitcoin is more like a casino game, since it is impossible to predict the price movement of the first cryptocurrency. Mobius believes that institutional investors who have invested in bitcoin risk the funds of shareholders.

Recall that on December 1, bitcoin again tried to reach its historical high, exceeding $19,900 on some trading platforms. However, after reaching this mark, the price of bitcoin fell sharply by $1,700. This can be explained by the fact that some whales have started to sell off their assets.