On June 24, the CEO of Far Peak Acquisition Corp. and former president of the New York Stock Exchange (NASDAQ shares - NYSE), Thomas Farley discussed the future of bitcoin and gold on the CNBC Squawk Box broadcast. Farley is optimistic about the leading crypto asset, but does not believe it will exceed the market capitalization of $ 10 trillion for gold unless it is "an accepted form of currency."
Far Peak CEO says Bitcoin will rise, but it may not beat gold
Thomas Farley spoke on bitcoin on Wednesday after the digital asset rebounded from its low of $ 28.600 on June 22. Farley is the chief executive officer of Far Peak Acquisition, a special purpose acquisitions firm, but he also once headed the NYSE as president.
Farley has talked about bitcoin on a few occasions in the past and was known for revealing the launch of the NYSE bitcoin price index in 2015. “We will now use our name, reputation and stature of the global index provider to provide bitcoin values that the rest of the market can watch, ”Farley said at the time.
Speaking on Squawk Box, Farley pointed out that BTC was a volatile asset and this is because it is so new. “As for the recent price changes, I'm pretty optimistic about them,” Farley noted. "Bitcoin is a very volatile asset class, partly because it is a new asset class," he pointed out.
Farley doesn't think BTC will not go up or even go down in the long run, but he still believes that "it's a bottom left to top right trend and I think we'll see that in five years."
For now, gold still dominates as a valuable asset
The Far Peak executive, however, believes gold has the upper hand over bitcoin. “I think the upper limit for now is gold, which is a market cap of around $ 10 trillion,” Farley said.
Despite the fact that BTC must be more than half a million dollars per unit, many bitcoin bulls believe that the leading crypto asset can outperform the global valuation of gold. Farley appears to think that BTC could get an edge over gold if it were a more accepted medium of exchange. But the former NYSE president isn't so sure BTC will ever make it.
“For bitcoin to one day surpass gold, it will need to be more of an accepted form of currency,” Farley explained. "I'm not sure, frankly, if it will ever get there."
What do you think of Thomas Farley's views on bitcoin and gold? Do you think bitcoin could one day surpass the gold market valuation? Let us know what you think about this topic in the comments section below.
