We know that cryptocurrency is complex, right? I imagine the majority of cryptocurrency traders and investors would consider themselves to be ‘tech savvy’. I guess the majority will have a smart phone, maybe even a smart watch, in fact, I’d even go as far as suggesting that I bet a lot of cryptocurrency investors also have Amazon Alexa’s and Google Home devices, at home. Not that this is a bad thing, I just think that in order to do well in this industry, you need to have a deep understanding of some quite complex technical details, details that will seem foreign to the general public.
This is why, many people think in order for cryptocurrency to be universally adopted, it needs to be simplified.
Ex-president of Goldman Sachs, Gary Cohn agrees with this sentiment. As a former Chief Economic Advisor to President Donald Trump, you can assume that what Cohn says, comes with good authority. He knows what he’s talking about.
Cohn resigned from his position in Trumps office back in March due to conflict between decisions made around trade tariffs at the White House. For now, he remains unsure of his personal future, but does believe that cryptocurrency will become a part of it.
According to RTTNews, whilst Cohn is not a huge fan of Bitcoin, he is a firm believer of the potential of blockchain technology. He believes that the world will eventually adopt blockchain technology, but in this, we need to find a solution to the complex mining procedures and costs that are associated with mainstream cryptocurrencies such as Bitcoin.
According to RTTNews, Cohn states the following, in an interview with CNBC:
“I’m not a big believer in bitcoin. I am a believer in blockchain technology. 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. 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.”
This is a sentiment many advocates of cryptocurrency adoption agree with. Before cryptocurrencies can become fully mainstream, the complexities behind how they work and how they are spent need to be ironed out, otherwise the fear of the unknown will continue to halt the progression for adoption.
It is great that experts with such deep and intricate financial experience are talking about this, by establishing a dialogue, cryptocurrency adoption can become a mainstream topic, get people talking and eventually, we might be able to pin down the average persons fears. It is only once these are addressed, that currencies like Bitcoin can be simplified enough to allow them to have a strong mainstream presence. This is not a matter of worldwide education, rather, as Cohn agrees, this is a matter of industry level simplification that could mean more and more people start to show and interest in cryptocurrencies.