Bitcoin currency: revolution underway on Wall Street
The New York Stock Exchange announces the launch of one of the most ambitious projects in cryptocurrency. Expected for this Autumn and concerning more particularly the Bitcoin currency.
Intercontinental Exchange CEO Jeffrey Sprecher wants to make the bitcoin currency a “world currency of free choice for international money transfers”.
There were some rumors in the Spring. But almost no one expected an announcement of such magnitude in the heart of the Summer. A few days ago, the New York Stock Exchange unveiled the launch in November. It would be a platform where it will be possible to buy, sell, spend and store the bitcoin currency and other digital coins.
Idea, progress and Bitcoin currency
More specifically, it is an announcement of the Intercontinental Exchange (ICE). This is the headquarter company of the New York Stock Exchange (NYSE), the largest stock exchange in the world.
This new platform, dubbed “Bakkt”, is very different from what the Chicago Stock Exchange (CME Group) has been offering since the end of last year, with bitcoin futures. These allow investors to “bet” on the evolution of the bitcoin currency, much like investing in an investment fund or share.
The NYSE model goes much further and should involve physical “deliveries” in the bitcoin currency. Hence, the payments in digital coins, and not in traditional currencies, such as the dollar or the euro. The contracts offered by Bakkt will, therefore, involve the holding of bitcoins. It should boost the demand for cryptocurrencies, according to the French financial newspaper Les Echos.
More interesting (or disturbing, depending on the point of view), the aim of the project. Indeed it is also to develop a complete payment infrastructure, for companies and traders for example. Bakkt will not be solely controlled by the NYSE. Two other US giants, Starbucks and Microsoft, have also joined the project to create an “open and regulated ecosystem” to facilitate cryptocurrency payments.
Fortress, Susquehanna, Pantera Capital, and Galaxy Digital are also listed as other investors, according to the Journal du Coin.
Bitcoin currency, the world’s first currency?
True conviction or well-orchestrated advertising coup? The CEO of the Intercontinental Exchange, Jeffrey Sprecher, chained in recent days the shock statements on the bitcoin currency in the US press. In an interview with Fortune, he announced something exceptional. He wants to make the bitcoin currency a “world currency of free choice for international money transfers”.
In another interview with CNN, Jeffrey Sprecher also said that “bitcoin has the potential to become the world’s first currency.” Nothing less.
Ultimately, the project is to develop a global network. It would allow the use of the bitcoin currency but also other digital coins as national and international payment methods, reserves of value or investment opportunity for investors.
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