Former Goldman Sachs president and Trump adviser Gary Cohn predicts global cryptocurrency in the future, but not bitcoin

Former Goldman Sachs president Gary Cohn predicts that in the future we will have a global cryptocurrency, but that it will not be bitcoin.

According to Cohn, a currency using blockchain technology may be a possibility in the future but one that is more consumer-friendly than bitcoin which people can understand how to use and what factors affect its value.

He told CNBC: “I’m not a big believer in bitcoin, I am a believer in blockchain technology. 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.”

Read more: Free trade advocate Gary Cohn has exited the White House

Bitcoin has been heavily criticised for its volatility, previously shady connections and sudden changes in value, something that has made many people oppose it.

Up until March, Cohn served as US President Donald Trump’s chief economic adviser before resigning due to the President’s steel and aluminium tariff plans. This was in the same period as several other people linked to the Trump administration decided to resign.

Cohn is one of several high-profile business personalities that have publicly expressed their disbelief in Bitcoin. On Monday Berkshire Hathaway chief executive Warren Buffett and billionaire investor Bill Gates both expressed their lack of faith in bitcoin with Buffett calling it “rat poison squared”.

Similarly chief executive of JPMorgan Chase Jamie Dimon called bitcoin a “fraud” in December last year but later retracted his statement.

Read more: Buffett and Gates label bitcoin as non-productive investment