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Bitcoin should be in every portfolio: ex-president of the NYSE

 


Bitcoin has reached the mainstream. Former New York Stock Exchange (NYSE) President Thomas Farley said in an interview at Squawk Box that the cryptocurrency is “trustworthy and censorship-resistant. There are only 21 million, so every portfolio should contain some bitcoin.”


American banker and current CEO of Far Point Acquisition Corp Thomas Farley had this to say about Bitcoin:


“When the price hit $60,000, a lot of institutions pricked up their ears and started thinking about investing . Portfolios, such as pension funds, should therefore hold 1-3% in the cryptocurrency in the future. However, the price at the time was $60,000 and the mood in the market seemed very euphoric. So these institutions waited and first met with their investment committees. When the price finally dropped to $17,000, it was hardly surprising that some of them started buying bitcoin.”

Asked about BTC's volatility, Farley replied that there was "a moment of capitulation."


“I think there are some really smart bitcoin whales that have been around for 10 years and then some institutions jumped in pretty quickly too. Bitcoin is currently up 40%. However, this does not mean that the price will increase another 40%. In the crypto sector, Bitcoin is distinguished from all other coins by its properties. This facility is trustworthy, largely censorship-resistant, and there will only ever be 21 million of them. Therefore, Bitcoin should be part of any diversified portfolio, such as pension funds. Even if only to a small extent.”


Farley then commented on the overall crypto market. “Then there are the other coins. Ethereum is in a special class of its own and stablecoins are also in their own category. With all other cryptocurrencies it is like speculative stocks: an investment can turn out to be profitable or it can be lost completely.”


Despite his strong sympathy for Bitcoin, Farley recalls the risk associated with cryptocurrency.



“Bitcoin is a store of value with exceptionally high price fluctuations. Yes, BTC's upside potential is high, but so is its downside potential. This 'to the moon' talk is dangerous."

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