The CEO of Intercontinental Exchange (ICE) and the operator of the New York Stock Exchange Jeff Sprecher is of the view that the current situation of the Bitcoin market is not worrying, with the crypto market predicted to succeed.
While speaking at the CoinDesk’s Consensus Invest event on Tuesday, Sprecher stated that he believes the cryptocurrency market will survive despite the recent drastic fall of market prices. He further stated that when quizzed if cryptocurrencies would succeed, the answer would be yes. He added that the recent drop in the value of cryptocurrencies hasn’t changed his views on the matter.
The opinion by Sprecher comes at a time when the Bitcoin and altcoin market is at a crossroad. The bearish trend has affected the market, with some investors and traders reducing their investment in the market.
However, the belief is still strong that the bull market will return very soon, with Sprecher the latest figure to air his opinion.
The CEO of Bakkt, Kelly Loeffler, also speaking at the Consensus panel, stated that the value of Bitcoin isn’t one of her primary concerns considering the fact that it doesn’t affect how Bakkt operates at its core.
She also discussed the challenges that Bakkt has faced so far and why they have delayed the launch of their physically-backed Bitcoin (BTC) futures. She stated that despite the delay, the development team hasn’t been deterred from achieving their goal. She also mentioned that “If you think about commodities or equity indices, the S&P500, that price is established in a federally regulated market, we don’t have that in the crypto market today. That’s what we’re focused on bringing along with a myriad of other features.”
Market experts still optimistic
Sprecher is not the only one to express his belief about the cryptocurrency market. Experts such as Tom Lee, Mike Novogratz and others have predicted that the cryptocurrency market would turn things around and the Bitcoin price would surge very soon.
Anthony Pompliano, a partner at Morgan Creek Digital, spoke with CNBC yesterday that even though Bitcoin (BTC)’s technical, psychological, and historical indicators signal lower lows, he is still 100 percent sure that the future is bright for the cryptocurrency market.
Pompliano maintained that transactions with Bitcoin remain the most secure in the world, thus ensuring that BTC will always have value regardless of the situation of the traditional financial markets and how other blockchain technologies develop.
Pompliano further added that despite the bear market affecting prices, cryptocurrencies as a whole has remained the best-performing asset class over the past decade. He insisted that the crypto market has even outperformed the U.S. equities market which has embarked on a Bull Run since the 2008 financial crash.
Speaking further, he added that the main catalyst for the rise of cryptocurrencies last year was retail players, with high net-worth individuals playing a minor role in the Bull Run. He predicted that institutional investors are looking to enter the cryptocurrency market, with the OTC desks their preferred trading medium.