Bitcoin Is “Very Iffy Right Now,” Says New York Stock Exchange Trader

Francisco Memoria
  • Responding to a question regarding the ICE's announcement, a NYSE trader revealed he thinks bitcoin is "very iffy" right now.
  • While he admits it's possible the cryptocurrency may hit $20,000, he "is not so sure."

Alan Valdes, a senior partner at international advisory firm Silverbear Capital, has recently claimed bitcoin, is “very iffy right now,” while commenting on recent developments that saw the world’s biggest stock exchange operator launch a crypto market.

During an interview with Yahoo! Finance Valdes, a New York Stock Exchange (NYSE) trader, expressed his concern over a potential surge for the cryptocurrency after being asked whether the Intercontinental Exchange’s (ICE) move meant Wall Street was getting serious about crypto. He said:

I don’t know. I think it’s a stretch bitcoin is just very iffy right now, at least according to the traders I speak to. They’re really not going to get ‘all-in’ and I think that’s the trouble with bitcoin. How do you protect your bitcoin? These wallets seem very iffy at best.

Alan Valdes

Valdes went on to add that if someone hacks into a bitcoin wallet “it’s like losing cash, you are out.” Per the NYSE trader’s words, the flagship cryptocurrency has a “long way to go” for the “average person to get involved.”

He conceded, however, that in emerging markets bitcoin may become increasingly popular as it’ll likely be a stronger currency than the fiat currency used in these markets.  As for its trading potential on the NYSE, he noted the crypto’s all-time high was close to $20,000 and implied it may be possible to get there again, although he’s “not so sure.”

As CryptoGlobe covered the ICE, owner of the NYSE, recently revealed it’s working on a crypto initiative that’ll see it launch a new company called Bakkt, which will “leverage Microsoft cloud solutions to create an open and regulated, global ecosystem for digital assets.”

Bakkt will reportedly involve giant companies, including Microsoft, Starbucks, and the Boston Consulting Group (BCG). The company is set to make bitcoin a mainstream financial asset, as it offers retail consumers and financial institutions access to an e-commerce system to “buy, sell, store, and spend” cryptocurrencies.

Moreover, Bakkt will take advantage of the ICE’s US futures market to list a physically-settled one-day bitcoin futures product that’s set to launch in November. It is, however, pending regulatory approval.

The ICE’s announcement touted the company will be a “scalable on-ramp for institutional, merchant, and consumer participation” in the cryptocurrency economy. As covered, it was seen by hedge fund manager Brian Kelly as the “biggest news of the year” for the flagship cryptocurrency as it “paves the way for bitcoin ETFs.”

Unknown Fund Investing $75 Million in Bitcoin for the Development of Anonymity

  • Unknown Fund has pledged to donate and invest $75 million in bitcoin to promote the development of anonymity.
  • The fund will prioritize projects that protect personal data, including crypto and blockchain. 

An anonymous organization by the name of the Unknown Fund has pledged to donate and invest $75 million in bitcoin for the further development of privacy-focused projects. 

According to the press release published Nov. 13, Unknown Fund has announced an intention to invest and donate $75 million in BTC to “startups which directly or indirectly support the idea of anonymity.” The release claims the fund will give preference to projects focused on the protection of personal data, tools for anonymity, cryptocurrency and blockchain. 

An anonymous spokesperson for the fund said, 

We are you, we are your sons and daughters, brothers and sisters, friends and colleagues. Our ranks consist of representatives of many countries and nationalities, united by a virtual comradely spirit and the belief that we are fighting for the good of many, and not for the benefit of some. Anonymous is the voice of those who believe in truth, freedom and the right to self-expression.

The release claims the fund is comprised of “ordinary, anonymous people” from different countries who first met through collaborating on the forum 4chan. The group calls the protection of personal data “one of the main challenges for modern man” and claims that data collection has already been used as a powerful tool for manipulation. 

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