Gary Cohn believes global cryptocurrency will happen, but it's not Bitcoin

Former Goldman Sachs President and former chief economic adviser believes that Bitcoin isn't the answer.

David Nurieli
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In an interview with CNBC, Gary Cohn, former Goldman Sachs President and former chief economic advisor to the Trump administration, thinks a global cryptocurrency will happen in the future, but it won’t be Bitcoin. Cohn believes there will be a “global cryptocurrency at some point where the world understands it and it's not based on mining costs or cost of electricity or things like that.”

Bitcoin, as with a lot of cryptocurrencies, is mined. This is a process that requires a tremendous amount of resources, including specialised computer hardware and electricity. Cohn then clarified that he is “not a big believer in Bitcoin,” but a “believer in blockchain technology.”

He added that the coin of the future will “probably have some blockchain technology behind it. It will be much more easily understood how it's created, how it moves, and how people can use it." With Goldman Sachs now entering into Bitcoin contracts and opening a trading desk, Cohn said, “[Goldman Sachs] should do what they think is in the best interests of their shareholders.”

Watch CNBC's full interview with Gary Cohn from CNBC.