Despite Bear Market Bitcoin Will Survive, Says NYSE Chair

Despite Bear Market Bitcoin Will Survive, Says NYSE Chair

The past two weeks have been a challenge for the entire crypto-market with bitcoin leading the drop. The total crypto market cap dipped from relatively comfortable $209 billion on November 15 to $116 billion on November 25. Bitcoin, in its turn, dramatically fell from stable $6,400 to the lowest $3,616 of over a year. 

Despite this, virtual assets still have a future in regulated markets, believes Jeff Sprecher, the chair of the New York Stock Exchange as well as the top exec of its parent company Intercontinental Exchange.

Wall Street Front Man Believes Cryptos Will Continue Existing

As CNBC reports, Sprecher said at one of the conferences that «digital assets» will unequivocally survive. He also said:

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

Bitcoin Futures

His company, on par with Microsoft and Starbucks, is supporting a novel entity Bakkt. This company will be promoting BTC futures trading be the Q1 of 2019. From the outset, it was planned that the launch would take place in this year November, but later it was decided to postpone the kickoff till the beginning of 2019. 

This novel company Bakkt is starting with the «big daddy». The Commody Futures Trading Commission regulates it. As Kelly Loeffler, Bakkt’s top exec noted, the company will «provide custody and price discovery» for BTC that is not related to scam. Nowadays, prices are inclined to swinging in relation to the exchange. And, very often, they aren’t regulated. 

Loeffler added that Intercontinental Exchange is setting up a new infrastructure which he believes is a «big opportunity for institutional investors» to enter. 

Another interesting peculiarity to note is that Bakkt’s bitcoin futures will settle in BTC, not cash as those futures as on CME and Cboe. 

Image Source: Flickr

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