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cuteman (OP)
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August 04, 2018, 03:04:39 PM |
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Bitcoin Could be ‘First Worldwide Currency’: NYSE Owner
The chief executive of the company that owns and operates the world’s largest stock exchange believes that bitcoin has the potential to be the world’s “first worldwide currency,” and he’s throwing his firm’s weight behind an ambitious plan to make that a reality.
As CCN reported, Intercontinental Exchange (ICE) — owner of the New York Stock Exchange (NYSE) — is forming a new company, dubbed Bakkt, that seeks to bridge the divide between Wall Street, Main Street, and the flagship cryptocurrency.
Speaking with Fortune, ICE founder, Chairman, and CEO Jeffrey Sprecher explained that he believes that — bolstered by Bakkt’s infrastructure — bitcoin could become the currency of choice for global payments.
”Bitcoin would greatly simplify the movement of global money,” said Sprecher. “It has the potential to become the first worldwide currency.”
The move will see ICE not only launch a physically-settled bitcoin futures product but also custody cryptoassets directly and help merchants such as Starbucks — which has already signed onto the platform as a partner — accept digital assets such as bitcoin for everyday payments.
Sprecher says that it could also help conventional asset managers attract younger investors, who are sometimes as skeptical of traditional financial products as asset managers are of bitcoin. “Millennials don’t trust traditional financial institutions. To gain their trust, banks, brokerages, and asset managers can use a currency that millennials believe in, like Bitcoin. Using digital currencies brings a lot of sizzle,” he told Fortune.
“There is a trend here we can’t ignore in my mind, so I don’t discount it,” he said. “People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the US Fed.”
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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Black Angel
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August 04, 2018, 03:13:36 PM |
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To reach the price of $ 1 million is certainly a difficult thing, especially at this time there is no news that can make users eager to buying bitcoin, precisely when the price looks up so many users will sell soon, the first thing to be able to reach the price of $ 1 million is the end of the year the price can hit $ 40k, then 5 years again hit $ 300k.
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cuteman (OP)
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August 04, 2018, 03:25:48 PM |
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The monetary evolution of Bitcoin:   |
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laracastvue
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Activity: 336
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August 04, 2018, 07:47:37 PM |
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To reach the price of $ 1 million is certainly a difficult thing, especially at this time there is no news that can make users eager to buying bitcoin, precisely when the price looks up so many users will sell soon, the first thing to be able to reach the price of $ 1 million is the end of the year the price can hit $ 40k, then 5 years again hit $ 300k.
There is a possibility that bitcoins will reach $1m dollar per coin only if the increase yearly is consistent but as of now the market price is down to $10k dollars so it will still take time before the market price will reach $1m per coin. |
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Silberman
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August 07, 2018, 10:48:00 PM |
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Again, if they really want it they will find a way, just look at what they did to gold, at first fiat was completely backed by gold and then the government began printing more money than the gold they had in stock since at the time the dollar was defined by a weight on gold, in fact the word dollar was a form of weight for gold similar to pounds or kilograms, but they circumvented this by printing more fiat, it is possible that in the future governments get bitcoin and back their fiat with it and then they print more fiat than the bitcoin they have in store.
Bitcoin is completely decentralized, and gold is not, as historically governments keep a lot of gold in reserves, and they can manipulate it somehow. Nevetheless gold price has risen last decades because of printing money. If governments decide to manipulate bitcoin, they will first need to buy it at a significant volume - wich will cause a huge rise in it's price. Not an easy task for them  It is not easy, I will agree with you on that but it is entirely possible that governments are already buying bitcoin but they are doing it in a way so they do not make the price to go up, another possibility is that they try to find the whales that are holding huge amounts of bitcoin and arrest them for some reason and confiscate their bitcoins and instead of selling the bitcoin like they did in the past they could just keep it. |
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pocketfullofpoke
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www.daxico.com
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August 07, 2018, 11:37:58 PM |
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It may be too high to think for that market price but i do believe bitcoin will reach that in more couple of years. Reaching it within 10 years is a bit improbable, IMO seeing how bitcoin has grown each year and how it is also in a situation where it's market price is down that stays for a couple of months.
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Soots
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August 08, 2018, 12:13:51 AM |
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Again, if they really want it they will find a way, just look at what they did to gold, at first fiat was completely backed by gold and then the government began printing more money than the gold they had in stock since at the time the dollar was defined by a weight on gold, in fact the word dollar was a form of weight for gold similar to pounds or kilograms, but they circumvented this by printing more fiat, it is possible that in the future governments get bitcoin and back their fiat with it and then they print more fiat than the bitcoin they have in store.
Bitcoin is completely decentralized, and gold is not, as historically governments keep a lot of gold in reserves, and they can manipulate it somehow. Nevetheless gold price has risen last decades because of printing money. If governments decide to manipulate bitcoin, they will first need to buy it at a significant volume - wich will cause a huge rise in it's price. Not an easy task for them It is not easy, I will agree with you on that but it is entirely possible that governments are already buying bitcoin but they are doing it in a way so they do not make the price to go up, another possibility is that they try to find the whales that are holding huge amounts of bitcoin and arrest them for some reason and confiscate their bitcoins and instead of selling the bitcoin like they did in the past they could just keep it. If we should analyze how the trend looks like and you'll draft it out for ten years timeline, there's no significant possibilities to initiate further changes. But the only main point here if we're going to expect that very huge price of $1m, it would rather frustrate every holders if not actually meet. The best ways to handle it is to let your assets remain steady, so you could survive long term holding and take your profits after. |
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