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Gary Cohn, a former member of the Trump administration, criticises BTC due to the lack of transparency

Gary Cohn, a former member of the Trump administration, criticises BTC due to the lack of transparency

Quick take

1 minute read

  • Gary Cohn, a former economic chief who worked from 2016 to April 2018 under the Trump administration has recently criticised the bitcoin industry.
  • Gary quit his job in the administration after disagreeing with numerous people within the position who oppose his proposals about tariffs.

Gary Cohn, a former economic chief who worked from 2016 to April 2018 under the Trump administration, has recently criticised the bitcoin industry.

Gary left his job in the administration after disagreeing with numerous people within the position who oppose his proposals about tariffs.

The President of Goldman Sachs, as he was before joining the administration, has said that transparency is one key reason as to why bitcoin may fall in the future.

He goes on to highlight that a good asset class is an asset class that can maintain its integrity by not keeping any secrets about its holders.

Many people would argue that the secrecy and mystery surrounding bitcoin is what makes it so alluring but because bitcoin doesn’t have an audit log, it is a big reason as to why it performs poorly in this area.

Interestingly, the comments from Gary come when bitcoin is getting ready to reach its all-time high of $20,000 by the end of the year. As to whether it will reach such a level is unknown but many analysts are predicting a bullish year for 2021 nevertheless. That being said, it is worth noting that we are not financial advisers and this is not financial advice. Investing in a cryptocurrency like bitcoin can be risky so it is always worth doing your research before putting your money into a digital asset. 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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