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⭐ Features
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NYSE Chairman: Crypto Assets Here to Stay, Infrastructure Improving

  • Joseph Young
    ⭐ Features

    NYSE chairman believes crypto assets like Bitcoin are here to stay as the infrastructure continues to improve

NYSE Chairman: Crypto Assets Here to Stay, Infrastructure Improving
Cover image via u.today
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According to Jeff Sprecher, the chairman of the New York Stock Exchange, the biggest stock market in the world, crypto assets like Bitcoin are here to stay.

“The unequivocal answer is yes [crypto assets will survive]. As an exchange operator it’s not our objective to opine on prices,” Sprecher said, reaffirming that the institution will continue to strengthen the infrastructure of the cryptocurrency market.

Bitcoin’s Strength

Throughout the past nine years, despite the emergence of so-called “next generation” blockchain networks with bigger transaction capacity, privacy solutions, and scalability, Bitcoin has continued to survive many bear cycles.

Over the past eleven months, as seen in the initiatives of Bakkt, NYSE, Goldman Sachs, Morgan Stanley, and Fidelity, the infrastructure around Bitcoin has been improving at a rapid rate, with the entrance of more custodians, futures markets, and over-the-counter (OTC) markets.

Sprecher noted:

“Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.”

The simplicity of Bitcoin and its focus on security could have played a major factor in the long-term success of the cryptocurrency.

Currently, cryptocurrencies are struggling to gain merchant adoption and various large-scale organizations like NYSE and its parent company ICE are leading several ventures  to help increase accessibility to Bitcoin for merchants.

In a period in which individuals and businesses are just beginning to use cryptocurrencies as a means of payment, it could be argued that it is simply too early to convince the mainstream to utilize decentralized applications (dApps) and smart contracts. The shift from centralized systems to decentralized systems can be drastic for the majority of people.

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As Bitcoin, the most dominant cryptocurrency, gains more traction and users through its strengthening infrastructure, eventually, smart contracts and more advanced features of the blockchain could see light.

Kelly Loeffler, chief executive officer of Bakkt, said that the firm is starting with Bitcoin first, creating an infrastructure that is not available to the market in the form of a futures market that offers physical Bitcoin delivery.

Bakkt, a company operated by ICE and NYSE, recently delayed the launch of its futures market due to increasing demand for the product from investors in the U.S. market.

“To give it the best chance for success we pushed it back to the holidays to give people more time to get on board. It’s a positive indication of the interest and it gives people time to learn. We have a responsibility to do that so we’re taking that extra time. We’re creating that infrastructure that doesn’t exist today, which we think is a big opportunity for institutional investors to come in,” stated Loeffler.

Crypto is Here to Stay

Including the 2018 bear market, in the past nine years, the cryptocurrency sector suffered five major corrections. Following every correction, the market experienced an accumulation phase, a period in which developers, users, and investors build better products and infrastructure to handle the next wave of demand.

NYSE executives believe that in the years to come, the cryptocurrency market could continue to see exponential growth as more companies enter the market to strengthen the existing infrastructure.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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📰 News
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Ripple's XRP Is in for ‘Explosive Growth’, Prominent Venture Investor Tim Draper Says

  • Yuri Molchan
    📰 News

    A Bitcoin bull and investment guru Tim Draper predicts the calm before the storm for the XRP price, as “to call Ripple developers actions wrong is impossible”

Ripple's XRP Is in for ‘Explosive Growth’, Prominent Venture Investor Tim Draper Says
Cover image via en.wikipedia.org

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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When asking a question about when XRP is going to hit its quickest high profits in the quora.com forum, a user gets a reply from Tim Draper himself, who says that the XRP price is about to experience an ‘explosive growth’.

Tim Draper is pumping XRP

Tim Draper, a prominent venture investor and a Bitcoin bull, seems to be excited by the current Ripple expansion. Judging by his words, he is predicting the XRP to soar in the short term, calling it the calm before the storm or ‘explosive growth’, putting it a different way.

Tim Draper says:

“Looking at the three-time growth of Bitcoin over the past 5 months, one would expect a similar result from XRP.”

XRP should have already grown beyond $0.6 or even $0.9 by now, says the crypto investor, when talking about the results of recent Ripple’s expansions and the partnerships the crypto unicorn has initiated lately.

“The company is actively developing, expanding the sphere of influence, enlisting the support of large financial institutions and constantly improving the technology of transfers.”

Finally, he states:

“In addition, Ripple is owned by SBI, a large corporation with companies such as R3. Everything indicates that the current situation, only the calm before the storm, in our case, before the explosive growth.”

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Ripple expands to Washington, D.C.

Previously, U.Today reported that the crypto giant has decided to expand its presence to Washington, D.C., to be closer to regulators, as per the CEO Brad Garlinghouse, and educate them on crypto and the blockchain.

He stated to Forbes:

“We’re focused on maintaining a dialogue with Washington regulators and policymakers and being a resource to the Hill allows us to be easily accessible at all times.”

Apart from extending its arms to Washington, Ripple has joined the Blockchain Association.

 

What is your bet on the price moves XRP is going to take in the near future? Share your view in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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