Home / Cryptocurrency / Bitcoins and digital resources are here to stay, says the president of the NYSE

Bitcoins and digital resources are here to stay, says the president of the NYSE

Although it may not have the best technology of all cryptocurrencies, the bitcoin will likely emerge as the yardstick with which all others are measured, Sprecher said.

"Bitcoin somehow lived in a swamp and survived," Sprecher said. "There are thousands of other tokens that you could discuss are better, but the bitcoin continues to survive, thrive and attract attention."

Sprecher, who is married to Loeffler, compared him to the Dow Jones Industrial Average. The "Dow", as it is known, is an index of 30 price-weighted securities, which means that the more expensive stocks have more influence but do not take into account the size of the sector or market capitalization.

"The Dow has been around for decades: it's a terrible index: we could invent a more representative index of our economy, but somehow that index will not disappear," said Sprecher.

Critics of Dow say it is not an accurate representation of market performance. Still, it is the most used barometer. Similarly bitcoin has flaws, but Sprecher said it is still likely to be cryptocurrency.

"Often in finance, it's not about being the best – it's about being the broadest and the most commonly accepted and for whatever reason the bitcoin has become so."

CLOCK: Bitcoin is destroying the $ 45 billion art industry

Source link