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Far Peak Acquisition Corp CEO and former New York Stock Exchange president Thomas Farley recently shared his views on Bitcoin (BTC) and gold. While he is bullish on the crypto, he is not so sure if it can surpass gold’s $10 trillion market cap.
Thomas Farley shared his thoughts on Bitcoin in an interview on Wednesday. At that time, BTC has already started to rebound after its correction on Tuesday, which dragged the crypto’s price below $30,000.
Farley is optimistic about Bitcoin and does not seem too bothered by its volatile price. For him, it’s only natural for BTC’s price to behave that way being a new asset class.
“With respect to the recent price moves, I’m kind of sanguine about them,” Farley told CNBC. “Bitcoin’s a very volatile asset class, in part because it’s a new asset class.”
He expects Bitcoin to remain volatile in the future. However, he believes that the crypto’s general price trajectory would be upward in the next five years.
“I have no doubt that it will go up, it will go down,” Farley added. “Over the long term, I still believe that it’s a lower left to upper right trend and I think we’re going to see that play out over five years.”
The former NYSE president believes that the issue about Bitcoin’s massive energy usage will eventually be resolved. “I think the blockchain at its core adds to efficiency, it will add to energy efficiency over time,” Farley explained. “So I’m very optimistic on the whole asset class.”
Comparing Bitcoin to gold, he believes that the precious metal has the upper hand at the moment. “I think the upper bound for now is gold, which is about a $10 trillion market cap,” he said.
While there will always be a chance for BTC’s market cap to surpass gold in the future, Farley admits that he is not to optimistic that it could happen. “In order for bitcoin to one day exceed gold, it’ll have to be more of an accepted form of currency,” he said. “I’m not sure, frankly, if it ever gets there.”
