‘Unequivocal Yes’: NYSE Chair Says Bitcoin and Crypto Are Here To Stay

Bitcoin and cryptocurrencies are here to stay despite the current bear market, says Jeff Sprecher, chairman of the New York Stock Exchange and CEO of its parent company, Intercontinental Exchange (ICE).

When asked about the plunging crypto market values, Sprecher said as an exchange operator, it’s not his place to opine about prices. However, he’s confident about the bright future of digital assets.

“The unequivocal answer is yes [crypto will survive],” Sprecher said at the Consensus: Invest conference in New York this week.

Sprecher: Bitcoin Is Still the Yardstick

Sprecher noted that bitcoin is still the barometer by which all others cryptocurrencies are judged, and that won’t change.

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

For Jeff Sprecher, digital assets are become something of a family affair.

His Intercontinental Exchange — along with Microsoft, Starbucks and BCG — is backing a new company called Bakkt, whose CEO is Sprecher’s wife, Kelly Loeffler.

Jeff Sprecher Has His Wife’s ‘Bakkt’

Bakkt will facilitate bitcoin futures trading in the first quarter of 2019. The launch was postponed from December 2018 to January 24, 2019 due to unforeseen demand.

“To give it the best chance for success, we pushed it back…to give people more time to get on board,” Loeffler said, “It’s a positive indication of the interest, and it gives people time to learn.”

Bakkt will provide custody and price discovery for bitcoin — which is regulated as a commodity by the CFTC — in a way that’s designed to be free from market manipulation and fraud.

ICE’s rival, Nasdaq — the world’s second-largest stock exchange  — is also charging ahead with its own plans to launch a bitcoin futures product in the first quarter of 2019, as CCN reported.

All of this is paving the way for the mass entry of institutional investors into the crypto market and the mainstream adoption of virtual currencies.

“We’re creating that infrastructure that doesn’t exist today, which we think is a big opportunity for institutional investors to come in,” Loeffler said.

Experts: If You Build It, They Will Come

While most of the headlines concerning crypto focus on its recent price drops, insiders say what’s happening below the surface is far more exciting and consequential to the future of the industry.

Many experts predict that institutional investments will start pouring in in the first half of 2019 — and that’s a game-changing development that will transform the industry.

“What’s happening behind the scenes is companies are being built to create infrastructure to enable the on-boarding of a whole new category of investors — that’s the institutional investors,” said Barry Silbert, the founder of Digital Currency Group. “So behind the scenes, nobody has slowed down.”


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Author: Samantha Chang
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NYSE Owner’s Bitcoin Futures Market Will Open in Mid-December

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), will list its highly-anticipated bitcoin futures contract in less than two months, on December 12.

Known as a physically-settled daily futures contract, the contracts will be backed by actual bitcoins held in ICE’s Digital Asset Warehouse. According to a press release, each futures contract will be validated through ICE Clear U.S., the firm’s clearing venue.

The press release states in part:

“Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse and will trade in U.S. dollars and others. One daily contract will be listed for trading each Exchange Business Day.”

Launched in a partnership between ICE — the operator of 23 leading global stock exchange, including the NYSE — and other household names including Starbucks and Microsoft, the Bakkt venture aims to create an open, compliant ecosystem for digital assets.

Bakkt was created to be a “regulated ecosystem” that provides protection for institutional investors who want to get exposure to cryptocurrency. At the time of the announcement in September, Bakkt had said the physical bitcoin futures would be traded against the U.S. dollar, British pound sterling, and euro.

“A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of bitcoin is fully collateralized or pre-funded. As such, our new daily bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset,” Bakkt had said at the time, responding to criticisms that the contracts could mask “hidden leverage.”

For every one purchase of a USD/BTC futures contract, there will be a delivery of one bitcoin into the owner’s account at settlement. That contrasts with the bitcoin futures markets on CBOE and CME, which are cash-settled, meaning that no actual cryptocurrency assets exchange hands at expiration.

Investors in Bakkt’s platform include Mike Novogratz‘s Galaxy Digital, Pantera Capital, and others.


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Author:  Jimmy Aki
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Security Tokens to Bring 10% of Global GDP ($8 trillion) Into the Blockchain Ecosystem by 2024

Jeff Brown is a technology guru, analyst, and an angel investor for over 20 years now. He even attended and helped to develop first self-driving cars back in 2011th and even graduated the same astronautics program at Purdue University as also did Luis Armstrong, a man who walked the moon. And Mr. Brown bets on Security tokens and Blockchain.

Jeff attends a huge number exclusive cryptocurrency and blockchain event in New York what let Jeff become an “insider” in many blockchain and cryptocurrency related projects.
Brown is sure that the mainstream media doesn’t tell you much about the future of cryptocurrencies and adds, that crypto “insiders” are preparing to profit in the years ahead mainly from blockchain related technology and security tokens.

The wave of the security tokens boom is ramping up

According to Jeff, the New York Stock Exchange (NYSE) and NASDAQ top hedge fund managers and leaders in the blockchain industry are focused on the same thing: the creation of the security token industry. Brown said,

“One executive I spoke with expects security tokens to bring 10% of global GDP – roughly $8 trillion – into the blockchain ecosystem by 2024. That represents growth of 28X.”

Security Tokens to Take Over Wall Street

Security tokens make it much easier for companies to raise the capital they need to grow. Registering securities for a traditional IPO is a tedious, expensive process that requires companies to go through several layers of middlemen and costs millions of dollars on lawyers and brokers.

Security tokens will disintermediate those middlemen, which will reduce costs and simplify the process of launching a Security Token Offering (STO).
That will tear down the roadblocks currently preventing small businesses from raising capital which, in turn, will foster capital allocation to small-cap businesses that will drive economic growth.

And that is why security tokens will be the most robust asset class within 18 months.
Massive institutional capital will flow in from hedge funds, pension funds, and family offices. And the blockchain industry’s market cap will likely be in the trillions by early 2020 as a result.

That’s not just blind speculation it is coming from the highest tiers of Wall Street. Institutional players have not yet piled into the cryptocurrency market because they are waiting on a regulated token environment. The security token industry will provide that environment.


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Author: Karolis
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Newsflash: SEC Slaps Down Two NYSE Bitcoin ETF Proposals

The U.S. Securities and Exchange Commission (SEC) on Wednesday denied two more bitcoin ETF applications, continuing its stance of hostility toward the much-anticipated cryptocurrency investment products.

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Those proposals, filed by NYSE Arca, sought to list bitcoin ETFs from fund providers ProShares and Direxion. These particular ETFs would not have held physical bitcoin but rather would have traded in the bitcoin futures products available on Chicago-based derivatives exchanges CBOE and CME.

The denials did not come as a surprise, as most financial analysts have said that even the most bullish scenario for a cryptocurrency ETF is not likely to see one approved before 2019.

BTC/USD | Bitfinex

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Unlike in previous instances — most notably when the SEC denied the Winklevoss twins’ bitcoin ETF application just one month ago — the news did not lead to an immediate sell-off in the cryptocurrency spot markets. Rather, the bitcoin price continued to trade just below the $6,400 mark, likely because traders recognized that one was not likely to be approved in the near-term and priced in that fact accordingly.

Click here for a real-time bitcoin price chart.


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NYSE Owner’s Bitcoin Market May Have ‘Hidden Leverage,’ Wall Street Vet Warns

When Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), announced that it was launching a bitcoin market, the move was met with enthusiasm by many within the cryptocurrency industry as a vindication of the legitimacy of the asset class. However, others, including some Wall Street veterans, warned that the “financialization” of bitcoin could introduce elements of the fractional reserve banking system into the cryptocurrency market.

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Bakkt Says It Won’t Offer Leveraged Bitcoin Trading

Now, the head of Bakkt — ICE’s bitcoin market — is seeking to assuage some of those concerns. Writing in a blog post, Bakkt CEO Kelly Loeffler said that one of the platform’s key missions is to promote “efficient price discovery,” which means that the firm does not intend to allow clients to trade on margin or otherwise put a “paper claim on a real asset.”

She wrote:

“A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of Bitcoin is fully collateralized or pre-funded. As such, our new daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset. This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage and cash settlement. Coupled with a secure, regulated warehouse solution, you can begin to see how this market infrastructure can help more institutions and consumers participate in the asset class.”

That bitcoin contract, as CCN reported, will be a one-day futures contract that is settled in BTC rather than cash. The reason it is structured as a one-day futures contract rather than a conventional BTC/USD trading pair is that futures contracts are regulated by the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC). Per CFTC guidelines, Bakkt must provide a “warehouse” where the physical assets undergirding the products are stored.

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Will ICE Secretly Offer ‘Hidden Leverage?’

Caitlin Long, who spent more than two decades on Wall Street and co-founded the Wyoming Blockchain Coalition, said that she was partially-pleased by Loeffler’s post, which answered some questions that she and others had been asking about ICE’s handling of bitcoin, specifically about explicit leverage and margin trading.

However, she noted that the post was silent on what she calls “hidden leverage,” through which institutions commingle and rehypothecate different types of collateral (bitcoins, physical USD, securities, etc.), which involves substituting them for one another on their balance sheet as well as allow multiple parties to declare ownership of the same asset on their financial statements.

These practices, Long says, are standard on Wall Street and could serve to taint bitcoin’s fixed currency supply with elements of the wider financial system, which relies on fractional-reserve banking.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author:Josiah Wilmoth
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