Even though crypto prices have been down, more mainstream support keeps pouring in for blockchain adoption.
Head of NYSE Support
Chairman of the New York Stock Exchange Jeff Spreecher, is sure crypto will be a part of the emerging financial system. Despite the recent price battering, Spreecher is cheery about Bitcoin’s future.
The chairman spoke last week at the Consensus: Invest conference in New York. There, he said “somehow bitcoin has lived in a swamp and survived.”
With the 2017 ICO mania, many tokens have risen and subsequently, fallen.
However, Bitcoin has remained its dominance in the top market spot. Bitcoin has been a barometer of sorts for the rest of the crypto market and the coins often move in sync up and down. Interestingly, Bitcoin dominance is so prevalent, the NYSE chair felt compelled to comment. Spreecher continued, “There are thousands of other tokens that you could argue are better, but yet bitcoin continues to survive, thrive, and attract attention.”
In fact, when responding to the perennial question will crypto assets survive, Spreecher proclaimed “”The unequivocal answer is yes”.
Spreecher is also the Chairman and CEO of the Intercontinental Exchange (ICE). ICE purchased the NYSE in December 2012 for an estimated $8.2 billion. ICE plans to launch Bakkt, a bitcoin-backed physical future product, in early 2019. The Bakkt CEO is Kelly Loeffler, Spreecher’s wife. Bakkt plans to partner with Microsoft and Starbucks as part of Phase II of its launch. Those heavy hitters hope to create a digital asset ecosystem palatable for the masses. Starbucks said in August they plan to use the platform to allow their customers to exchange crypto to USD at their coffee shops.
Bakkt was originally scheduled for release in November 2018, but has been pushed back to January 2019. Loeffler stated, “To give it the best chance for success, we pushed it back…to give people more time to get on board.”
Nasdaq Futures Coming Soon
Bakkt isn’t the only Bitcoin futures game in town. Nasdaq plans to launch it’s own Bitcoin futures platform in early 2019. It makes sense for Nasdaq to launch a bitcoin futures option as the index is heavily focused on tech companies. Nasdaq recently integrated Microsoft’s Azure blockchain into their ecosystem.
The tech focused exchange is working to satisfy the concerns oft he Commodity Futures Trading Commission. The first Bitcoin futures platform launched on CME and CBOE in November 2017. Nasdaq has been exploring a bitcoin futures platform since January 2018. CEO Adena Friedman has been searching for a way to distinguish from other competitors in the marketplace. Sources say Nasdaq plans to base their futures from Bitcoins price on various exchanges. VanEck Associates, who has been trying unsuccessfully to launch an SEC-approved ETF, will compile the spot prices. In contrast, CME gathers price data from four markets. CBOE collects their spot price data from one.
Prices have gone from $20,000 to under $4,000 over the course of the year. However, long-term investors are keeping the faith. Though it’s been a turbulent ride for Bitcoin price in 2018, institutional investors keep coming on board. More large-cap companies like Microsoft and legacy financial firms like Goldman Sachs are showing support for the emerging asset class.
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