Bitcoin Still May Fail, Says Former Goldman Sachs President
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Dec. 1, 2020

Bitcoin still lacks basic integrity of a real market, believes Gary Cohn, a former President and Chief Operating Officer of Goldman Sachs and former chief economic advisor to Donald Trump.

In an interview with Bloomberg, Cohn said the largest cryptocurrency by market cap still may fail as it has no full transparency.

"Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The Bitcoin system today has no transparency to it," he said.

Despite the fact that bitcoin is still a nascent asset class, it may fail, the ex-Goldman Sachs President says.

In the meantime, one of the world's leading investment banks, is expanding its crypto arm with a new Vice President for the London-based Digital Assets' division.

Biden’s Administration Should Integrate Bitcoin into US Financial System

In August 2020, the bank post a job post, according to which, the VP will be tasked with defining and implementing Goldman Sachs' distributed ledger and blockchain technology strategy, "including any potential initiatives in the cryptocurrency space."

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