Former White House Chief Economic Advisor Expresses Concerns About Bitcoin Market

Former White House chief economic advisor to President Trump Gary Cohn expressed concerns about the soundness of the Bitcoin market during a recent interview with Bloomberg. 

Cohn previously served as president and chief operating officer of Goldman Sachs for 26 years. Cohn stated that he is not a big believer in Bitcoin, but that it is potentially a strong developing asset class. However he expressed that all the reasons people flock to Bitcoin are also the reasons it may fail. 

“The Bitcoin system today has no transparency to it,” Cohn said. “There are a lot of people that question why would you need a system that does not have an audit trail, does not have integrity, you don’t know who owns it, you don’t know exactly how much exists today, how much has been mined, how much has been lost, how much has been thrown away on hard drives because they don’t exist anymore.”

By Emily Mason

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