Gary Cohn, the former president of Goldman Sachs and quondam chief economic adviser to Donald Trump, believes that Bitcoin may non 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 existent market place" due to its lack of transparency. He said that investors might question a organisation "that does not have an audit trail."

"For all the reasons information technology'due south a strong developing asset form, it may fail," said Cohn regarding Bitcoin. "Part of the integrity of a organisation is knowing who owns information technology and knowing who has it and knowing why information technology's beingness 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 lath of advisers of blockchain-related tech visitor Spring Labs.

In the months following the 2017 balderdash run, Cohn said that he was "not a big believer" in Bitcoin but still saw the potential of blockchain applied science. At the time, Cohn believed crypto will play a part in the future of finance, but information technology would probable be a global token "more hands understood" than Bitcoin, citing mining costs every bit a potential source of confusion for investors.

Cohn's comments come the same day BTC officially passed its previous all-time high toll of $nineteen,892, according to Coinbase. Afterward reaching this disquisitional price, some whales sold off their holdings, potentially causing the slight subsequent drop. BTC is priced at $xviii,920 at the fourth dimension of publication.