Buy and sell

Bitcoin.live Founder to Wall Street: It’s Time to Take a Position on Bitcoin

May 11, 2018         By: Steven Anderson

Cryptocurrency’s ongoing mainstreaming process has taken its sweet time so far, but we’ve seen it make a lot of strides to the point where the Securities and Exchange Commission (SEC) is starting to set up rules and the Internal Revenue Service (IRS) is already sticking its hand out for a cut. That mainstreaming process could be going on in more places, though, and Bitcoin.live’s founder Bob Loukas is calling for the New York Stock Exchange to start getting involved in bitcoin.

Loukas notes that bitcoin has already not only weathered several price collapses—the most recent being the post-December 2017 race to the bottom where bitcoin lost better than half its value before at least somewhat recovering—but also several attacks as well. It’s also worth noting that bitcoin has represented one of the best performing assets in the last 10 years, even if it’s proven somewhat volatile.

Further, Loukas notes that “…the biggest names on Wall Street” are already “…warming up to bitcoin,” a move that will bring with it “…a healthy regulation to be implemented to allow the cryptocurrency the growth and stability it deserves.”

On a certain level, Loukas’ remarks—no matter how impassioned—are sort of old hat. We’ve already seen Jamie Dimon of JPMorgan Chase go from calling bitcoin a fraud to regretting calling bitcoin a fraud. Moreover, JPMorgan Chase used to have a stance where it would fire any trader caught dealing in cryptocurrencies—for the high crime of “being stupid”—but now notes that bitcoin et al could “potentially have a role in diversifying one’s global bond and equity portfolio.”

Yet with big names like Warren Buffett and Bill Gates comparing bitcoin et al to pest control chemicals, it’s easy to see there’s still plenty of acrimony against cryptocurrency. Loukas’ remarks may still have a place here, because there are still plenty of people who barely know about cryptocurrency let alone how it can work for them. If they do know what bitcoin is, most consider it a vehicle for criminals, even now. An improved Wall Street presence, meanwhile, might change a lot of minds.