Yesterday, it was reported in the media that Allianz’s chief economic adviser guaranteed the long-term development of the Bitcoin market, and New York Stock Exchange Chairman Spretzer also supported him at the same meeting.
Speecher made the statement at the consensus meeting in response to questions about the 80% drop in Bitcoin prices from last year’s high. On the contrary, he also mentioned a bigger issue raised by opponents, namely, the future survival of encrypted currency.
Having clearly answered these questions in a positive way, he added: As an exchange operator, our goal is not to focus on prices.
Bitcoin is struggling to survive
Spratcher went on to say that although there is no best technology, Bitcoin is still likely to become the benchmark currency for digital assets.
He explained: Bitcoin has been living through hardships and survived. Of course, there are thousands of other currencies that are better than Bitcoin, but Bitcoin still exists and uses its growth to attract people’s attention.
He compares Bitcoin to the Dow Jones Index, which does not represent the economy well, but is still the most commonly used economic indicator. He said:
In the financial sector, bitcoin is not always the best, but the most widely accepted. Whatever the reason, bitcoin has become the best.
Of course, Spratcher is also the chief executive of the New York Stock Exchange’s parent company, the Intercontinental Exchange (ICE). ICE is a key investor in Bakkt, the much-anticipated bettermoney futures platform, and Sprecher’s wife is the CEO of Bakkt. So it’s no surprise that he sees the future of Bitcoin like this.
So let’s support this statement with some data from Tom Lee, co-founder of Fundstrat Global. Bitcoin wallets have grown from $5 million to more than $5 billion, he said on Twitter. At present, institutional investors hold more than 4% of the Bitcoin, which is becoming an asset class.
As Tom Lee said, “Bitcoin did not collapse.”