{"id":8725,"date":"2021-06-24T21:54:08","date_gmt":"2021-06-24T21:54:08","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/former-nyse-president-says-for-bitcoin-to-exceed-gold-it-needs-to-be-accepted-more-as-currency\/"},"modified":"2021-06-24T21:54:08","modified_gmt":"2021-06-24T21:54:08","slug":"former-nyse-president-says-for-bitcoin-to-exceed-gold-it-needs-to-be-accepted-more-as-currency","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/former-nyse-president-says-for-bitcoin-to-exceed-gold-it-needs-to-be-accepted-more-as-currency\/","title":{"rendered":"Former NYSE President Says for Bitcoin to Exceed Gold It Needs to Be Accepted More as Currency"},"content":{"rendered":"

On June 24, the CEO of Far Peak Acquisition Corp. and former New York Stock Exchange (NYSE) president, Thomas Farley discussed the future of bitcoin and gold on the CNBC broadcast Squawk Box. Farley is optimistic about the leading crypto asset but he doesn\u2019t believe it will surpass gold\u2019s $10 trillion market capitalization unless it\u2019s \u201can accepted form of currency.\u201d<\/strong><\/p>\n

Far Peak CEO Says Bitcoin Will Go Up, But May Not Beat Gold<\/h2>\n

Thomas Farley spoke about bitcoin (BTC<\/a>) on Wednesday following the digital asset\u2019s rebound from the $28,600 low on June 22. Farley is the chief executive officer at Far Peak Acquisition, a special purpose acquisition company but he also once led the NYSE as its president.<\/p>\n

Farley has spoken about bitcoin on a few occasions in the past and was known for revealing<\/a> the launch of the NYSE bitcoin price index in 2015. \u201cWe are now going to use our name, reputation, and global index provider stature to provide bitcoin values that the rest of the market can look to,\u201d Farley said at the time.<\/p>\n

While speaking on Squawk Box, Farley stressed that BTC<\/a> was a volatile asset and this is because it is so new. \u201cWith respect to the recent price moves, I\u2019m kind of sanguine about them,\u201d Farley remarked. \u201cBitcoin\u2019s a very volatile asset class, in part because it\u2019s a new asset class,\u201d he emphasized.<\/p>\n

Farley doesn\u2019t think that BTC<\/a> won\u2019t go up or even down over the long term, but he still believes \u201cit\u2019s a lower left to upper right trend and I think we\u2019re going to see that play out over five years.\u201d<\/p>\n

<\/p>\n

The Far Peak executive, however, believes gold has the upper hand in comparison to bitcoin. \u201cI think the upper bound for now is gold, which is about a $10 trillion market cap,\u201d Farley said.<\/p>\n

Despite the fact that BTC<\/a> needs to be more than half of a million dollars per unit, many bitcoin bulls believe the leading crypto asset can surpass gold\u2019s global valuation. It seems that Farley thinks that BTC<\/a> could get an edge on gold if it was a more accepted medium of exchange. But the former NYSE president is not so sure BTC<\/a> will ever pull it off.<\/p>\n

\u201cIn order for bitcoin to one day exceed gold, it\u2019ll have to be more of an accepted form of currency,\u201d Farley explained. \u201cI\u2019m not sure, frankly, if it ever gets there.\u201d<\/p>\n<\/p>\n

What do you think about Thomas Farley\u2019s opinions about bitcoin and gold? Do you think bitcoin could someday surpass gold\u2019s market valuation? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFinance, Bitcoin, Bitcoin (BTC), cnbc, Crypto, Far Peak, Far Peak Acquisition, Far Peak CEO, Former NYSE President, gold, Markets, Squawk Box, Thomas Farley<\/p>\n","protected":false},"excerpt":{"rendered":"

On June 24, the CEO of Far Peak Acquisition Corp. and former New York Stock Exchange (NYSE) president, Thomas Farley discussed the future of bitcoin and gold on the CNBC broadcast Squawk Box. Farley is optimistic about the leading crypto asset but he doesn\u2019t believe it will surpass gold\u2019s $10 trillion market capitalization unless it\u2019s…<\/p>\n","protected":false},"author":0,"featured_media":8726,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8725"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8725"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8726"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}