Bitcoin

Bitcoin lacks market integrity, according to the former Trump economic advisor

Gary Cohn, former Chairman of Goldman Sachs and former economic advisor to Donald Trump, believes that Bitcoin may not have long-term prospects for investors.

In an interview with Bloomberg published today, Cohn said that the cryptoasset “It lacks the basic integrity of a real market” because of its lack of transparency. He said investors could question a system “which has no audit trail.”

“For all reasons it is a high-performing asset class that may fail,” Said Cohn regarding Bitcoin. “Part of the integrity of a system is knowing who owns it, who owns it and why it is being transferred.”

Bitcoin lacks market integrity, according to the former Trump economic advisor
Bitcoin lacks market integrity, according to the former Trump economic advisor

The former chairman of Goldman Sachs spoke about bitcoin (BTC) and blockchain after stepping down from his post in the Trump administration in 2018. Since He joined the advisory board of blockchain technology company Spring Labs.

In the months following the 2017 bull cycle Cohn said he was “not a big believer” in Bitcoin, but he still saw the potential of blockchain technology. At the time, Cohn believed that cryptocurrencies would play a role in the future of finance, however It would likely be a global token that is “easier to understand” than Bitcoin. citing the cost of mining as a potential source of confusion for investors.

Cohn’s comments come on the same day as According to Coinbase, BTC has officially surpassed its all-time high of $ 19,892. After reaching this important level, some whales sold their stocks and possibly caused the crash that occurred later. The price for BTC is $ 18,920 at the time of this writing.

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