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NYSE Chairman Gives Bitcoin A Thumbs Up

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With the Bitcoin prices dipping to an all time low, people are becoming more suspicious of its future. However, the Chairman of New York Stock Exchange (NYSE) has only good things to say about Bitcoin.

Jeffrey Sprecher, CEO of Intercontinental  Exchange (ICE) & Chairman of NYSE, spoke positively about cryptocurrencies. At the Consensus Invest conference in New York last Tuesday, he said that he’s been seeing headlines like “Will digital assets survive?”

“I’d say the unequivocal answer is yes,” he said, adding that “we’re kind of agnostic to price.”

Notably, NYSE Chairman was on stage with his wife,  Kelly Loeffler. Loeffler is the CEO of Bakkt – a cryptocurrency platform owned by ICE. Bakkt will start its operation in early 2019. It will also allow digital asset trading, and enable merchants to accept cryptocurrency as payments.

What is Bakkt?

Bakkt is a cryptocurrency platform, which will help with digital coin exchange. In fact, it will also offer a Bitcoin futures contract, which will help traders establish a fixed price.

Incidentally, Starbucks was also a part of the original announcement of Bakkt. The platform will help the coffee company and its customers to figure out how to “convert their digital assets into US dollars for use at Starbucks.”

While Bakkt’s launch is delayed to January 2019, Pascal Gauthier, President of Ledger, says that major institutions are doubling their crypto investments.

“No one has dropped out of crypto,” he said. “They could have walked out but no one is walking away.”

Role of ICE & NYSE in Crypto Price Regulation

Notably, both ICE & NYSE have been proactive in regulating cryptocurrency. In January, ICE partnered with Blockstream to provide BTC price information to Wall Street investors.

Additionally, according to ICE’s May announcement, they will be offering traders contracts. This will eventually help customers own Bitcoin. ICE reportedly “has had conversations with other financial institutions about setting up a new operation through which banks can buy a contract, known as a swap, that will end with the customer owning Bitcoin the next day — with the backing and security of the exchange.”

Future of Bitcoin

While investors are anxious about the continuous price dip, many believe that Bitcoin will soon bounce back. Notably, Bitcoin prices have climbed back to $4000, after falling below $3600 last week. Sprecher has actually referred to this in his speech.

“Somehow bitcoin has lived in a swamp and survived,” the NYSE Chairman added. “There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.”

 

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