Bitcoin is not transparent enough - ex-president of Goldman Sachs

Bitcoin is not transparent enough – ex-president of Goldman Sachs
CONTENT

  • Former Trump Economic Adviser Still Skeptical About Bitcoin

  • Cryptocurrency will not be able to achieve global popularity due to lack of transparency, Cohen said

  • US authorities are studying the issue of tightening regulation of the cryptocurrency market

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According to the former president of one of the leading US banks, bitcoin is still not transparent enough, so it is too early to count on success on a global scale..

Bitcoin is not transparent enough - ex-president of Goldman Sachs

Bitcoin is still not transparent enough. This opinion was expressed in an interview with Bloomberg by Gary Cohen, a former economic adviser to Donald Trump and ex-president of Goldman Sachs. According to Cohen, one should not hope that Bitcoin will continue to grow in the near future..

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Cohen believes that Bitcoin could still fail as an idea despite its strong start in development:

“This is a strong growing asset class, but this factor can play a trick on it. He may still fail. “.

Lack of complete control

Former Trump economic adviser believes that bitcoin does not yet have the necessary level of transparency for adoption at the global level. Despite the fact that all records are stored on the blockchain and are available for viewing at any time, it is still impossible to thoroughly control movements in this network, Cohen noted..

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Former president of one of the largest US banks believes that the uncontrolled development of the blockchain prevents Bitcoin from integrating into the global financial system.

Bitcoin is not transparent enough - ex-president of Goldman Sachs

“The Bitcoin system is not transparent today, moreover, many do not understand why we need a system that cannot be monitored and used to track transactions,” Cohen said, hinting at difficulties in identifying the owners of cryptocurrency wallets..

However, Michael Sonnenshine, managing director of Grayscale, has a cardinal different opinion. In an interview with CNBC, Sonnenshine said that the rally, which brought Bitcoin closer to all-time highs, will continue to gain momentum..

Plan b

Meanwhile, the US Treasury is preparing to oblige financial and crypto companies to identify cryptocurrency wallets. If the bill is adopted, such verification will have to be carried out before performing operations with users’ coins.

Brian Armstrong, the head of regulated US cryptocurrency exchange Coinbase, has already said that potential regulation of autonomous crypto wallets could have “unintended side effects” for the entire cryptocurrency industry. Bitcoin price at the time of writing is $ 18,908.

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