Trump’s Former Economic Advisor Gary Cohn Says Bitcoin Isn’t The Best Way To Store Value
Former White House Chief Economic Advisor Gary Cohn made some illuminating statements about bitcoin and cryptocurrencies over the weekend.
Cohn, the former president of Goldman Sachs, is considering multiple employment opportunities. After serving Trump for about a year, Cohn left the White House four months ago when the president slapped tariffs on steel and aluminum imports. Since then, he’s been golfing and vacationing in the Hamptons.
The crypto industry is one opportunity Cohn is reportedly considering. As reported by Bloomberg, “Gary Cohn is happy in the Hamptons, golfing and crypto investing”. He’s considering launching into the crypto industry but claims there are major changes that need to be made.
“I’m not keen on what’s going on. I’m keen on what I think could be the new world of crypto, but it’s got to have a use. It can’t just be a store of valuation, there are other more practical ways to store value,”
Cohn told Bloomberg at a charity event. Bloomberg had asked Cohn what his next move would be.
While considering a crypto career, Cohn continues to be “the most famous unemployed person in the Hamptons,” explains Bloomberg. The 57-year old claims he’s “been on the phone a bunch, looking for opportunities” but is not officially on any boards.
In addition to exploring a crypto career, Cohn is considering exploring medical technology and consumer products.
Cohn Believes A Global Cryptocurrency Will Emerge – And It Won’t Be Bitcoin
This isn’t the first time that Cohn has made headlines across the crypto community. Back in May, Cohn argued that a global cryptocurrency will eventually emerge, although he doesn’t believe that currency will be bitcoin.
Cohn’s problem with bitcoin, surprisingly, is that it’s too complicated. A global cryptocurrency will need to be simpler for people to use:
“It will be a more easily understood cryptocurrency. It will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created, how it moves and how people can use it,”
said Cohn back in May.
It’s unclear how much crypto Cohn owns – if any. Bloomberg didn’t elaborate on their claim of Cohn “crypto investing”. However, Cohn mentioned in December 2017 when bitcoin was approaching its record high that he hadn’t invested in the world’s most popular cryptocurrency. Around that time, Cohn also indicated he was hoping for a digital currency with lower transaction costs to emerge in the United States – so he seems bullish on the crypto industry overall but not so positive about bitcoin.
Gary Cohn served as president and co-chief operating officer of Goldman Sachs. He was seen as a likely successor to the company’s outgoing CEO, Lloyd Blankfein. Goldman Sachs is one of the major Wall Street companies exploring offering crypto products, and the financial giant appears to have a progressive overall stance towards crypto.
It was recently revealed that Goldman Sachs is exploring the launch of bitcoin custodial services for investment funds and other institutional investors, for example. The investment bank has also been rumored to be launching a bitcoin trading desk, and they’ve been spotted hiring prominent members of the crypto community.
In any case, Cohn is clearly well aware of bitcoin and cryptocurrencies. It remains to be seen, however, if Cohn’s next employment opportunity will be within the crypto industry.