There will be a global cryptocurrency, but it will not be bitcoin

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Mandatory Credit: Photo by REX/Shutterstock (9097645k)Director of the National Economic Council and chief economic advisor to President Donald J. Trump Gary Cohn takes questions from reporters in the White House Press Briefing Room in Washington, DC about the President's proposed tax reform planWhite House daily press briefing, Washington DC, USA - 28 Sep 2017

Former Goldman Sachs president Gary Cohn, who headed the National Economic Council of the US President Donald Trump a month ago, shared his thoughts on the future of bitcoin and blockchain technologies. From his point of view, the first cryptocurrency, all the same, is not destined to become a uniform global active.

“I do not really believe in bitcoin. But I really believe in blockchain technology. I’m sure, sooner or later, we will have global cryptocurrency, ” said Cohn.

He also noted that this global cryptocurrency will not be “based on the costs for mining and the cost of electricity and similar things,” hinting, apparently, on the energy-consuming mechanism for mining bitcoin and other coins.

“It will be a more understandable cryptocurrency, which, perhaps, will use blockchain technology, but it will be much more obvious how it is created, how it moves and how people can use it,” Cohn added.

At the same time, he answered fairly neutral about the upcoming launch of bitcoin futures trading services at Goldman Sachs.

“They can do whatever they want, if it is in the interests of their shareholders,” added Cohn.

Gary Cohn has occupied posts of the president and operational director Goldman Sachs in 2006. After Donald Trump became president of the United States in 2017, Cohn left the financial institution in favor of the post of director of the National Economic Council. In March, he announced his resignation – experts explain this decision by disagreement with the proposed tariffs by the Trump administration. Cohn left this post on April 2nd.