Bitcoin lacks market integrity, says former Trump economic adviser

Gary Cohn, the former president of Goldman Sachs and former chief economic adviser to Donald Trump, believes that Bitcoin may not hold long-term prospects for investors. 

In an interview with Bloomberg released today, Cohn said that the crypto asset “lacks some of the basic integrity of a real market” due to its lack of transparency. He said that investors might question a system “that does not have an audit trail.”

“For all the reasons it’s a strong developing asset class, it may fail,” said Cohn regarding Bitcoin. “Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred.”

The former Goldman Sachs president has spoken about Bitcoin (BTC) and blockchain following his resignation from his position in the Trump administration in 2018. He has since joined the board of advisers of blockchain-related tech company Spring Labs.