Considering the many uses of blockchain technology today, it isn’t surprising institutions are now slowly starting to realize its use. There are those individuals today that are supporting cryptocurrencies mainly because of the potential profit that it can give them. Come to think of it, we’ve seen the value of Bitcoin skyrocket from just around $1,000 to $20,000 in 2017.
However, just like any other new market, regulations have to be made in order to protect investors and to ensure that it isn’t being used in illicit activities.
As for Gary Cohn, who worked as the former chief operating officer of Goldman Sachs, who also served as director of the National Economic Council and was the chief economic advisor to Trump from 2017 to 2018, he believes that the world is soon going to have a global cryptocurrency. However, he mentioned to CNBC that “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”.
He also mentioned that he isn’t exactly a Bitcoin believer. However, he clarified that he believes in the blockchain technology and what it can bring to the table.
Not Too Easy For Everyday Use
One of the most common debates against Bitcoin is the fact that it isn’t exactly easy to use. It is quite far from its vision of free and easy transactions. Up until today, it is still a continuous fight among top cryptocurrencies among which gets to be adopted by individuals and institutions.
Cohn’s remark came right after his former employer, Goldman Sachs announced that it is already trying to enter the crypto space by starting a bitcoin trading division. In addition to this, Intercontinental Exchange (ICE), the parent company of NYSE, announced that they are working on an “online trading platform that would allow large investors to buy and hold Bitcoin”.
Cohn also commented on Goldman’s attempt to enter the crypto market. He said that “Look, they can do whatever they want. They can do whatever’s in their shareholders’ best interest”.
Bitcoin’s price has been able to recover last April. In fact, from trading to almost $6,000, the cryptocurrency was able to make it back near $10,000 which is of great significance. It Experts believe that in order for Bitcoin to soar higher, it has to break the psychological $10,000 barrier.
Mainly because of its volatility, Warren Buffet even called Bitcoin more of a gamble than an investment. Considering how much money you could lose the next day, this is something that investors have to endure if they choose to have Bitcoin.
There are many cryptocurrencies that are on the rise. Ethereum, for instance, is growing in popularity considering the decentralized applications that you can do with it. This means that you can create tokens according to your needs. In addition to this, there are also other cryptocurrencies that are now offering faster and cheaper transactions than Bitcoin. It isn’t far from reality that the world could actually have another cryptocurrency in the future that is easier to use.