The former chief economic advisor to the United States President, Donald Trump, as well as the former president of Goldman Sachs – Gary Cohn, believes that there will be a global digital currency in the future. He said that the global digital currency will be a currency that will be more easily understood than Bitcoin.
Gary Cohn’s Interview with CNBC
Gary Cohn told CNBC that he believes that there would be a universal digital currency at a certain point where the world understands it, and it will not be based on costs of electricity, mining costs, or things related to that.
Bitcoin mining depends on the computers of miners to solve hashes to get a block reward via a Proof of Work (PoW) protocol. In October 2017, it was estimated that the mining of bitcoin consumed about 56 million KWh of electricity per day, at a cost of $6,700,000.
Cohn Is Not a Believer of Bitcoin
Cohn also said that he is a big believer in blockchain technology, but not a big believer in bitcoin. He said that the future global digital currency will somehow be powered by blockchain technology. He said the future global digital currency will be very easy to understand, including how it is developed, how it will move, and how it can be utilized.
When asked in regards to the news that Goldman Sachs wants to start offering Bitcoin futures with, the ex-Goldman Sachs president said: “Goldman Sachs should go ahead and do what they think is good for their shareholders.” He added that he doesn’t have shares in Goldman Sachs.
Cohn also told Bloomberg that he has intentions of operating a regulated bank, but in a digitized world, after his departure from the Trump administration in March. He said it would be an added advantage for him based on what he already knows about the banking industry.