Ex-President Of NYSE Is Bullish On Bitcoin; Set To Include BTC In Portfolio
- The ex-President of NYSE is bullish on Bitcoin, the world’s biggest cryptocurrency, and in a recent interview, he said that he will include BTC as a part of his portfolio.
- He further added that the current volatility is a result of the combination of institutions stepping in and “smart Bitcoin whales.”
Amid the massive Bitcoin adoption, the New York Stock Exchange, or NYSE, former president Thomas Farley has made some statements that would boost the confidence of crypto investors.
During an interview with Squawk Box, the former NYSE president said that Bitcoin should be part of a portfolio given its scarcity. Farley, who is a renowned banker in America and Chief Executive Officer of the specialized acquisition company Far Point Acquisition Corp., said that when the BTC price was around $60,000, many institutions wanted to invest in the asset by putting as much as 1% to 3% of their portfolios, pension funds, etc.
“But they’ve done the diligence. They’ve met with their investment committees. And so, as it went down to $17,000, it wasn’t a shock to me that you saw some of those institutions stepping in for the very first time buy Bitcoin for their portfolio,”he continued.
While commenting on the current volatility in the crypto market, Farley said there was a “moment of speculation.” He believes that it is a result of the combination of institutions stepping in and “smart Bitcoin whales” that have been in the industry for ten years.
“But in crypto, there’s Bitcoin. And then there’s literally everything else. Bitcoin is trusted. it’s largely censorship-resistant. There will only and ever be 21 million Bitcoin. It will have to be a component and a portfolio of broad portfolios, like a pension fund. Maybe just to a small extent but it will have to be there.”NYSE former president added.
Additionally, after declaring his support for the world’s biggest cryptocurrecy, the former NYSE President also noted that Ethereum has a special class of its own implying that the two cannot be compared. While the crypto community is full of investors often fighting over the two, Farley’s statement implied that Ethereum is based on different principles.
Talking about stablecoins, i.e., blockchain-based tokens that are pegged in a 1:1 ratio with fiat currencies, NYSE former president said that “then there are stablecoins, and everything else looks like a speculative stock. Maybe if you invest in it you make money, maybe you lose all of your money.”
However, this is not the first time Farley has openly talked about Bitcoin and other cryptocurrencies. In a series of Twitter posts in May, Farley stated that the downside of investing in digital assets is that they are very risky and are very volatile.
“Bitcoin is a store of value,” he claimed while adding that the price fluctuations are “much, much higher than other stores of value.” The acknowledged the upside potential of holding BTC is high but the “‘to the moon’ verbiage is dangerous.”