On Tuesday Gary Cohn, Former president of Goldman Sachs says he thinks the world will get a global digital currency, but it is not going to be bitcoin.
Bitcoin mining process
Bitcoin is structured through an energy-intensive mining process. It requires specialized computer hardware. The cryptocurrency is the first application of blockchain technology. It eradicates neccesarity of mediator by creating a safe, transparent record of transaction among the parties.
Cohn asserts in an interview to CNBC that “I’m not a big believer in bitcoin. I am a believer in blockchain technology,” Later he says “I do think we will have 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”.
Cohn predicts the virtual currency of the future to be simpler than bitcoin. This is easily understood cryptocurrency. It apparently, has some blockchain technology behind it. It is likely to understand the technology behind bitcoin, this is how it moves for people to utilize it.
Bitcoin in future
The technology provides bitcoin users to transfer the funds across the borders quickly at a low cost. Nowadays, bitcoin is running into rebukes for managing high transactions volume.
The deluge of interest in bitcoin and confidence for large-scale institutional investment is aiding to hike the price more than 13 times from last year. Bitcoin is traded at $9,100 on Tuesday.
Goldman Sachs is one of Wall Street firm to make a meticulous invasion into the field of cryptocurrencies. The previous month, Former trader Justin Schmidt was hired by the investment bank as the first head of digital asset markets in Goldman’s securities division.
Cohn claims that “They should do what they think’s in the best interests of their shareholders,” He says he doesn’t own any shares of the company.
Image Source:- Gary Cohn