Skip to main content

Former NYSE President Says for Bitcoin to Exceed Gold It Needs to Be Accepted More as Currency

On June 24, the CEO of Far Peak Acquisition Corp. and former New York Stock Exchange (NYSE) president, Thomas Farley discussed the future of bitcoin and gold on the CNBC broadcast Squawk Box. Farley is optimistic about the leading crypto asset but he doesn’t believe it will surpass gold’s $10 trillion market capitalization unless it’s “an accepted form of currency.”

Far Peak CEO Says Bitcoin Will Go Up, But May Not Beat Gold

Thomas Farley spoke about bitcoin (BTC) on Wednesday following the digital asset’s rebound from the $28,600 low on June 22. Farley is the chief executive officer at Far Peak Acquisition, a special purpose acquisition company but he also once led the NYSE as its president.

Farley has spoken about bitcoin on a few occasions in the past and was known for revealing the launch of the NYSE bitcoin price index in 2015. “We are now going to use our name, reputation, and global index provider stature to provide bitcoin values that the rest of the market can look to,” Farley said at the time.

While speaking on Squawk Box, Farley stressed that BTC was a volatile asset and this is because it is so new. “With respect to the recent price moves, I’m kind of sanguine about them,” Farley remarked. “Bitcoin’s a very volatile asset class, in part because it’s a new asset class,” he emphasized.

Farley doesn’t think that BTC won’t go up or even down over the long term, but he still believes “it’s a lower left to upper right trend and I think we’re going to see that play out over five years.”

The Far Peak executive, however, believes gold has the upper hand in comparison to bitcoin. “I think the upper bound for now is gold, which is about a $10 trillion market cap,” Farley said.

Despite the fact that BTC needs to be more than half of a million dollars per unit, many bitcoin bulls believe the leading crypto asset can surpass gold’s global valuation. It seems that Farley thinks that BTC could get an edge on gold if it was a more accepted medium of exchange. But the former NYSE president is not so sure BTC will ever pull it off.

“In order for bitcoin to one day exceed gold, it’ll have to be more of an accepted form of currency,” Farley explained. “I’m not sure, frankly, if it ever gets there.”

What do you think about Thomas Farley’s opinions about bitcoin and gold? Do you think bitcoin could someday surpass gold’s market valuation? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3jfUKZl
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more