Bitcoin [BTC] will remain the yardstick on which crypto market will be gauged, says NYSE’s Jeff Sprecher


Jeff Sprecher, the chairman of New York Stock Exchange and the Chief Executive Officer of Intercontinental Exchange, shouldered support to the top cryptocurrency, Bitcoin [BTC], at the Consensus: Invest conference, on Tuesday. Sprecher’s support to the token comes after the panic that surrounded the crypto market last week after it went on a downward spiral.

According to CNBC, when the chairman was asked about the survival of the digital asset, he said:

“The unequivocal answer is yes. As an exchange operator, it’s not our objective to opine on prices.”

After facing a new 14-month low over the weekend, the world’s largest cryptocurrency was back on the bull’s back with a 5 percent growth over the past 24 hours, trading at around $4,300 on Wednesday.

Sprecher stated that Bitcoin has lived in a swamp but has still managed to survive. He added that though it lacks in the best technology out of all cryptocurrencies, Bitcoin will still pose as the yardstick by which all other cryptocurrencies will be measured. He added:

“There are thousands of other tokens that you could argue are better, but yet, Bitcoin continues to survive, thrive and attract attention.”

Sprecher compared Bitcoin to Dow Jones Industrial Average, commonly known as Dow. The Dow is an index of 30 stocks and it gives more importance to the stocks while ignoring the industry size and the market cap. According to the report, Dow representatives claim that it is not an absolute representation of the market performance. However, Dow is the widely used barometer.

On the same line, Sprecher noted that Bitcoin has flaws, but it’s possibly the go-to cryptocurrency. The chairman added:

“Often times in finance, it’s not about being the best. It turns out to be about being the broadest and the most commonly accepted and for whatever reason, Bitcoin has become that.”

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