Former President of NYSE said Bitcoin Must Be Included in Your Portfolio
Thomas Farley, former president of the New York Stock Exchange, said in an interview on Squawk Box that Bitcoin is “trusted, censorship-resistant, limited to 21 million, and must be part of a portfolio.”
Farley is an American banker and the current chief executive officer of Far Point Acquisition Corp. He said: “When Bitcoin was $60,000, many institutions said, ‘Boy, we’d want to invest.’ We’d want to allocate 1% to 3% of pension savings, but it’s $60,000. It’s maniacal’ They’re diligent. Investment committees have convened. As Bitcoin fell under $17,000, I wasn’t surprised to see institutions buying it for the first time.”
In response to a question on Bitcoin’s volatility, Farley said there was a moment of surrender. “Bitcoin has risen 40%. That does not imply it will increase by an additional 40%. In crypto, though, there is Bitcoin. There is also literally everything else. Bitcoin is reliable. It is generally resistant to censorship. It must consist of a component and a portfolio of diverse portfolios, similar to a pension fund. Perhaps to a small degree, but it must be present.”
After proclaiming his support for BTC, Farley discussed the other cryptocurrencies. “Thereafter, there are all further cryptocurrencies. Ethereum is unique among cryptocurrencies. After stablecoins, everything else seems to be a speculative stock. Perhaps if you invest in it you will gain money, or perhaps you will lose everything.” While Farley has been a staunch advocate of Bitcoin, he has sometimes expressed reservations.
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