Former NYSE President Says for Bitcoin to Exceed Gold It Needs to Be Accepted More as Currency
Thomas Farley, The CEO of Far Peak Acquisition Corp. and former New York Stock Exchange (NYSE) president, discussed the future of bitcoin and gold on the CNBC broadcast Squawk Box. Farley is positive about the leading crypto asset but he doesn’t believe bitcoin will surpass gold’s $10 trillion market capitalization unless it’s “an accepted form of currency.”
Far Peak CEO Says Bitcoin Will Go Up, But May Not Beat Gold
Thomas Farley spoke about bitcoin (BTC) on Wednesday following the digital asset’s rebound from the $28,600 low on June 22. Farley is the chief executive officer at Far Peak Acquisition, a special purpose acquisition company but he also once led the NYSE as its president.
While speaking on Squawk Box, he said that bitcoin was a volatile asset and this is because it is so new. Farley doesn’t think that BTC won’t go up or even down over the long term, but he still believes “it’s a lower left to upper right trend and I think we’re going to see that play out over five years.”
He believes gold has the upper hand in comparison to bitcoin. “I think the upper bound for now is gold, which is about a $10 trillion market cap,” Farley said.
“In order for bitcoin to one day exceed gold, it’ll have to be more of an accepted form of currency.”
