After the cryptocurrency market’s latest slide, a lot of former believers seem to be ready to jump ship. With Bitcoin down around 80 percent this year and a far cry from its all time high of nearly 20k USD in December of 2017, many investors are wondering if the bulls will ever return.
New York Stock Exchange (NYSE) chairman Jeff Sprecher does not believe these crashes will ultimately cause the demise of Bitcoin. In fact, Sprecher says that cryptocurrency isn’t going anywhere.
This week, Sprecher spoke at the Consensus: Invest conference in New York. He said that the “unequivocal answer” for those wondering about the future of digital assets is that cryptocurrency is here to stay. Whether the market would rage again like in late 2017 is something he wouldn’t comment on.
“As an exchange operator, it’s not our objective to opine on prices.”
But he did highlight Bitcoin’s survival abilities.
“Somehow bitcoin has lived in a swamp and survived,“ he said. “There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.
Sprecher also touched on the strong brand name that Bitcoin has been able to build. “Often times in finance, it’s not about being the best — it turns out to be about being the broadest and the most commonly accepted and for whatever reason bitcoin has become that.” Staying power and a household name is building along with the awareness of what the technology actually offers.
As investors question their positions, major financial institutions like NYSE are still pushing forward with their cryptocurrency plans. The cryptocurrency community has been awaiting and speaking of “institutional investors” almost to the point of absurdity. But if organizations like NYSE stay the course and deliver cryptocurrency related products, the mythical institutional whales might follow suit.