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.”

Opera Browser Adds Direct Bitcoin Payment to Its Built-in Cryptocurrency Wallet

The popular Opera web browser has added bitcoin e-commerce support and integrated TRON into its built-in cryptocurrency wallet on Android devices.

According to the company’s press release, the built-in crypto wallet on Opera for Android, which was launched last year, now supports bitcoin payments directly, and allows users to interact with decentralized applications on the TRON blockchain using TRX.

The browser claims to have a total of 350 million users, which can now have access to these two cryptocurrencies. The company’s crypto wallet started off with Ethereum support in a bid to offer users access to “web 3.0.”

Charles Hamel, the head of crypto at Opera, was quoted as saying:

We believe that opening our browser to more blockchains, including Bitcoin, is the logical next step to making our solution more relevant to anyone who has a Bitcoin crypto wallet and would like to do things with their cryptocurrencies beyond just keeping them in an account.

As CryptoGlobe reported the browser firm has partnered with HTC – which recently announced a new budget smartphone with bitcoin node features – to add its app to it. It has also revealed it was looking to add “multiple blockchains” in the near future.

The company added in its press releases that by adding TRON its exposes TRX and its decentralized applications to “millions of daily active users across 120 countries,” as TRX’s ecosystem includes BitTorrent as well.

Featured image by Panos Sakalakis on Unsplash.