Predicting 'Global Cryptocurrency' Is Ex-Trump Advisor

Take of Cohn

Being a fan of the blockchain technology as well as expecting a global cryptocurrency to emerge sometimes in the future, Gary Cohn is not a believer in bitcoin. It is in this context that the former chief operating officer of Goldman Sachs who has served as director of the National Economic Council and was the chief economic advisor to President Donald Trump in 2017 and 2018, he was reportedly speaking to CNBC that he doesn’t think we will have a global cryptocurrency at some point where the world understands it as also it’s not based on mining costs or cost of electricity or things like that.

He, therefore, expects the future global cryptocurrency to be much a simpler and more easily understood for how it will get created as it is how it can be transferred and how easy it is to be for people to use pointing to the complex working mechanism and the power-intensive mining work associated with the most popular cryptocurrency bitcoin. 

All About Cohn, Banking And Bitcoin

He doesn’t share an affinity for the popular bitcoin, as Cohn is optimistic about blockchain-based cryptocurrency emerging at a global level and said that he is not a big believer in bitcoin as he is a believer in blockchain technology. Bitcoin has failed to achieve its primary aim of becoming a free, easy, decentralized, self-regulated and borderless method of payments even though bitcoin has been in the news for the wide swings in its valuations as the void continues to exist for a cryptocurrency which gains global adoption with instant, free and smooth processing of monetary transactions.

Either by an existing or anew cryptocurrency which can see deeper penetration and wider adoption in the mainstream payment systems across the globe, Cohn’s thoughts highlight the existing gap and leave no room for more to be done.

As it was announcing about their plans to start a bitcoin trading division, Cohn’s remarks came on the back of the leading investment bank as its former employer Goldman Sachs Group Inc. and additionally the Intercontinental Exchange which is the parent company of the New York Stock Exchange was reportedly working on an online trading platform allowing large investors to buy and hold bitcoin. Thereby Cohn remarked about Goldman’s initiative in bitcoin’s territory as CoinDesk reports that they can do whatever they want as they can do whatever’s in their shareholders’ best interest.

Hereby NYSE's Parent ICE Is Planning A Bitcoin Exchange

It was found that major exchanges are also joining the bandwagon amid a growing number of financial organizations embracing cryptocurrencies. 

ICE May Eventually Build Bitcoin Trading Platform

Reportedly working on an online trading platform that allows large investors to buy and hold bitcoin, according to the New York Times, is ICE the parent company of NYSE. According to a person familiar with the matter, details of the trading services platform is not yet finalized as ICE is reported to have held talks with various financial institutes about a working model for bitcoin trading using swaps that allow banks to let their customers own bitcoin. This contract-based working mechanism called swaps is also said to bring the bitcoin trading under the purview as the rules of CFTC is in an indirect way to regulate the bitcoin-based trading.  

Will The Stand On It Help Bitcoin Be Adopted By The Mainstream?

On the back of Goldman Sachs Group Inc, the news comes as it plans to open a bitcoin trading unit. As mainstream organizations have therefore shied away from them cryptocurrencies have so far been associated with the unregulated anonymous and decentralized world of finance. As many have been skeptical about them, the high volatility in their valuations, lack of clarity about the business fundamentals and valuations mechanism, and the anonymous use for nefarious activities such as gambling and drug dealing are the key reasons that many individuals, as well as businesses, have. 

Launched to act as a free decentralized easy and borderless method of payment, bitcoin has instead become a mode for speculative investment defeating its original purpose as the only hedge funds have been thereby transacting in bitcoins with the major investment medium like mutual funds and pension funds staying away from cryptocurrencies. It is here that they have been criticized as an investment product by established investors like Warren Buffet. 

The Conclusion On The Cryptocurrency Trading Platform 

Acting as a shot in the arm for cryptocurrencies, their adoption by major Wall Street banks like Goldman Sachs and the news of the dedicated trading platform development by ICE is quite interesting. As they remain derivative products of speculative nature, they can be easily traded in bitcoin futures contracts that were launched by CME. Hereafter allowing direct access to cryptocurrency through which real crypto tokens will be owned by the customer in their respective accounts following the trade as the potential launch of a dedicated bitcoin trading service is by a premier exchange that is expected.