NYSE Chairman: Millennials Trust Bitcoin More Than Fiat

NEWS
Pete Rizzo
Jun 5, 2015 at 11:06 UTC  |  Updated  Jun 8, 2015 at 12:21 UTC

Intercontinental Exchange (ICE) CEO and New York Stock Exchange (NYSE) chairman Jeffrey Sprecher has come out in support of bitcoin and the blockchain, voicing his belief that the technologies are part of a larger change in how trust is being established in society.

Speaking to CNBC's Bob Pisano on "Power Lunch", Sprecher opened up about NYSE's investment in bitcoin services provider Coinbase's recent $75m Series C funding round, one of the largest so far closed by an industry firm.

Sprecher suggested NYSE has been looking into bitcoin and the blockchain for "over a year", but noted the exchange has found the language of the industry difficult to navigate.

However, Sprecher said his interest had persisted due to the fact that millennials are becoming comfortable using the technology in the same way that they are becoming used to other platforms – such as ride-sharing app Uber – where the crowd, rather than a central authority, informs decision-making.

Sprecher told CNBC:

"We're seeing millennials trust a currency that is created in the ether, more than they trust fiat currency by government. I think that trend, whether it's a restaurant review or a taxicab or the way you exchange value, is something they believe in and we want to be on top of it because I think it's going to impact you and I."

"I think there's something to it," he said, alluding to bitcoin and the blockchain. "I think there's something here, that's why we invested in it."

Image via CNBC.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

InvestmentExchangesNYSE