Former Trump business consultant: Bitcoin lacks market integrity

„The very aspects that make it a strong asset class could seal its failure,“ says the former Goldmann-Sachs president.

Gary Cohn, former president of Goldman Sachs and former senior economic advisor to Donald Trump, believes Bitcoin Champion may not be a long-term prospect for investors.

In an interview with Bloomberg, Cohn said the crypto asset lacks transparency and „the basic integrity of a real market. He said that investors might question such a system, „which has no audit trail“.

„The very aspects that make it a strong asset class could seal its failure,“ Cohn said of Bitcoin. „The integrity of a system includes certainty about who owns it and certainty about who owns it and certainty about why it is being transferred.

The former president of Goldman Sachs spoke about Bitcoin (BTC) and Blockchain after his resignation from his position in the Trump government in 2018. Since then, he has been a consulting staff member of the blockchain technology company Spring Labs.

After the 2017 bull run, Cohn said he was „not a big fan“ of Bitcoin. But he still sees potential in blockchain technology. At the time, Cohn believed crypto would play a role in the future of finance. But a global token that is „easier to understand“ than Bitcoin would probably play a role. He cited mining costs as a potential aspect that could cause confusion among investors.

According to Coinbase, BTC had just recently officially surpassed its previous all-time high of $19,892 according to Coinbase. After reaching this critical level, some whales sold some coins, probably causing the slight decline that followed. The BTC price at the time of going to press was around 19,000 US dollars.

Libra changes its name to Diem: Hope for a new image

The project hopes to improve its image with a new name after many regulatory difficulties with the Libra.

According to a press release on Tuesday, the Libra Association is changing its name to Diem Association.

This change is probably due to the hope that it will improve its image. Facebook originally announced its global Stablecoin Libra in June last year. This immediately caused a stir among regulators. The project has been under fire ever since. Facebook’s involvement is particularly controversial.

The new name uses the Latin word for day, as in „carpe diem“. The press release of the association after the announcement roughly suggests that the image of the project has to be changed:

„With the change of the name to ‚Diem‘ a metaphorical new day for the project should begin. The Diem Association wants to continue to build for a secure, protected and compliant payment system that supports people and businesses around the world.

Just last week, the Libra Association announced that it would launch a version of the Libra pegged to the US dollar in January. With this, the association wants to appease the regulatory authorities in the USA. These were against the Association gaining full control over the „basket of currencies“ that was originally intended for the project.

Stuart Levey, CEO of the Diem Association, said: „We are pleased to introduce Diem. A new name that signals the growing maturity and independence of the project“.