Former NYSE President Says Bitcoin Should Outperform Gold, It Must Be More Accepted as Currency – Bitcoin News
On June 24, the CEO of Far Peak Acquisition Corp. discussed and former President of the New York Stock Exchange (NYSE), Thomas Farley, on CNBC’s Squawk Box on the future of Bitcoin and gold. Farley is optimistic about the leading crypto asset, but he doesn’t think it will surpass gold’s $ 10 trillion market cap 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 after the digital asset rebounded from its low of $ 28,600 on June 22nd. Farley is the chief executive officer of Far Peak Acquisition, a special-purpose acquisition company, but he once ran the NYSE as president.
Farley has spoken about Bitcoin on a number of occasions in the past and was known for announcing the launch of the NYSE Bitcoin Price Index in 2015. “We will now use our name, reputation and status as a global index provider to provide Bitcoin value that the rest of the market can look to,” Farley said at the time.
During his speech on Squawk Box, Farley stressed that BTC is a volatile asset and that’s because it’s so new. “I’m reasonably confident about recent price moves,” noted Farley. “Bitcoin is a very volatile asset class, partly because it is a new asset class,” he said.
Farley doesn’t think BTC won’t go up or down in the long run, but he still believes that “it’s a bottom left to top right trend and I think we’ll see this over five years”.
However, the Far Peak executive believes gold has the upper hand compared to Bitcoin. “I think the cap is currently gold, which equates to a market cap of about $ 10 trillion,” Farley said.
Despite the fact that BTC has to be more than half a million dollars per unit, many bitcoin bulls believe that the leading crypto asset can outperform gold’s global valuation. It seems Farley thinks that if it were a more accepted medium of exchange, BTC could gain an advantage over gold. But the former NYSE president isn’t so sure if BTC will ever make it.
“For Bitcoin to surpass gold one day, it has to be more of an accepted form of currency,” Farley said. “I’m honestly not sure it will ever get there.”
What do you think of Thomas Farley’s opinions on Bitcoin and Gold? Do you think Bitcoin could one day outperform gold’s market valuation? Let us know what you think on this matter in the comments below.
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