- New York Stock Exchange (NYSE) chairman Jeff Sprecher has said that Bitcoin is ‘here to stay’
- He has pointed to bitcoin’s resilience despite previous crashes
New York Stock Exchange (NYSE) chairman Jeff Sprecher has expressed his view that bitcoin is ‘here to stay’ and will soldier on despite its current predicament.
Bitcoin has seen a significant slump in the last few weeks, losing about 40 percent of its value in that time. This has led to some questioning the future of bitcoin. Sprecher, however, does not seem to be one of them.
“The unequivocal answer is [digital assets will survive],” Sprecher said at the Consensus: Invest conference in New York
“As an exchange operator, it’s not our objective to opine on prices.”
Despite the recent decline, bitcoin does seem to be picking up steam. This week, it rose above $4,000, a sign of recovery for many bitcoin enthusiasts.
It had previously fallen below $3,600 and other cryptocurrencies such as XRP and Ether had seen similar declines.
The price had fallen 80 percent overall this year and the most recent decline was caused, some believe by the hard-fork of bitcoin cash due to the conflict between developers and miners.
Bitcoin has survived declines in the past, one in 2011 and in 2013. The fact that it has recovered from these declines is a testament to bitcoins resilience, a sentiment Sprecher shares.
“Somehow bitcoin has lived in a swamp and survived,” Sprecher added. “There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention. Often times in finance, it’s not about being the best — it turns out to be about being the broadest and the most commonly accepted and for whatever reason bitcoin has become that.”
One of the developments that bitcoin enthusiasts had been hoping would trigger a bull run, the bitcoin exchange-traded fund (ETF), is unlikely to happen soon, according to the head of the U.S. Securities and Exchange Commission (SEC).
Some are still adamant that there will be a surge in the value of bitcoin in December 2018.
For now, only time will tell how much of a recover bitcoin can make before the end of the year.