In an interview with CNBC on June 23, former NYSE Group President Thomas Farley talked about Bitcoin and gold.
Farley, who is the current CEO of Far Point Acquisition Corp., served as the President of the NYSE Group (which owns the New York Stock Exchange), a wholly-owned subsidiary of Intercontinental Exchange (ICE), between November 2013 and May 2018.
He made his comments about crypto while being interviewed on June 23 by Andrew Ross Sorkin, a co-anchor of CNBC’s “Squawk Box”.
Farley told Sorkin:
“I think of Bitcoin as being a sub trillion dollar market cap. I think the upper bound for now is gold, which is about a ten trillion dollar market cap. In order for Bitcoin to someday exceed gold, it’ll have to be more of an accepted form of currency. I’m not sure frankly if it ever gets there.
“With respect to the recent price moves, I’m kind of sanguine about them. Bitcoin’s a very volatile asset class in part because it’s a new asset class. I have no doubt it’ll go up, it’ll go down over the long term. I still think it’s a lower left to upper right trend, and I think we’re gonna see that play out over five years.
“I think this kerfuffle about energy usage is an interesting conversation, but by and large I think it’ll be resolved because I think the blockchain at its core adds to efficiency and in fact we’ll add to energy efficiency over time and so I’m still very optimistic about the whole asset class.“