Posted 1 year ago | by @devadmin

Former White House chief economic advisor Gary Cohn stated in an interview with Bloomberg that bitcoin “may fail” because it lacks “auditability.”

Cohn is most famously known as the former president and chief operating officer of Goldman Sachs. Cohn left the firm in 2016 when  President Donald Trump nominated him to be chief economic advisor, which he later resigned from in 2018.

During the interview, Cohn was asked by Bloomberg: “how bullish are you on bitcoin and cryptocurrencies and how much do you believe they will fundamentally transform our economy?” To which he responded that he does not have a strong opinion about Bitcoin but he’s bullish on the underlying blockchain technology. “I’m not a strong believer in bitcoin.”  He further said that Bitcoin could fail.

“It is a developing asset class, potentially. And for all the reasons it’s a strong developing asset class, it may fail,” Cohn said.

Cohn showed his lack of knowledge about Bitcoin when he said that “part of the integrity of an asset class or part of the integrity of a system is knowing who owns it, and knowing who has it, and knowing why it’s being transferred. And is it being used for legitimate causes, is it being used for good, or is it being used for illegitimate causes, is it being used in corrupt practices in corrupt ways?”

Cohn should probably learn what the difference is between a public ledger like Bitcoin and Ethereum compared to a private ledger like Monero, spewing a myth that Bitcoin is not auditable or traceable.

None the less Cohn expanded on his thought.  “The bitcoin system today has no transparency to it,” the former Goldman Sachs president had the gull to say despite 1MDB happening under his watch and him profiting from it and many other schemes: “So there are a lot of people that question why would you need a system that does not have an audit trail, does not have integrity, you don’t know who owns it, you don’t know exactly how much exists today, how much has been mined, how much has been lost, how much has been thrown away on hard drives because they don’t exist anymore,” Cohn said. (Editors note: so blockchain analysis doesn’t exist?)

“So Bitcoin lacks some of the basic integrity of a real market.”

While Cohn said he was skeptical about Bitcoin, he is, however, “very bullish” about blockchain technology, expressing that it’s the technology or “highways and the pipes that are necessary for bitcoin” and “for many other applications.”

Cohn should probably study up a little more on Bitcoin and cryptocurrency if he’s going to go on national TV and state erroneous information like it can’t be tracked, or have an analysis done on the chain. At this point, it appears to be that Cohn who was an integral part of the old guard, is kicking and screaming in the denial stage. But hey at least another member of the old guard, Jamie Dimon is starting to understand Bitcoin is inevitable.

Bitcoin is currently trading at {FIAT: $19,424.75] UP +0.8% in the last 24 hours according to Coingecko at the time of this report.