Cryptocurrency investors say Nasdaq’s willingness to trade in Bitcoin and other coins part of a larger trend. Crypto isn’t alive and kicking.
Forget the fact that Bitcoin and other major cryptocurrencies all fell on Wednesday. This is a legit market. And Adena Friedman, CEO of Nasdaq, reminded everyone of that again today during an interview on CNBC.
Bitcoin and other coins are more than a new reality, a new market trend. They are new currencies and methods of payment. As a result, many traditional investors have concluded they need to be in crypto. Nasdaq lends more credence to that notion.
“I believe that digital currencies will continue to persist…it’s just a matter of how long it will take for that space to mature,” Friedman said on CBNC today. “Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.”
Nasdaq is already supporting existing crypto exchanges. On Wednesday, the company announced a collaboration with cryptocurrency exchange Gemini, founded by early bitcoin investors Tyler and Cameron Winklevoss. Over the few months, they partnered with San Diego based ETF firm, Reality Shares, to launch two blockchain-related funds. The latest is scheduled to come to market in June.
“If you were to rank interest in cryptocurrency on a scale of zero to 10, Friedman would be a six,” says Eric Ervin, CEO of Reality Shares. “She would help get the SEC comfortable with cryptocurrency trading. She would not passively wait for them to get on board,” he says. “If the SEC wanted her opinion, she would give it a thumbs up.”