June 22, 2024

Head of ICE: “In order for Bitcoin to become digital gold, it must be accepted as a means of payment”

ICE Chief: “For Bitcoin to become digital gold, it must be accepted as a means of payment.”

The general director of the Intercontinental Exchange network of exchanges and clearing houses believes that bitcoin needs more real-life use cases.

According to Jeffrey Spratcher, transaction growth will bepromote the adoption of a virtual asset as a means of long-term value accumulation. He argues his point of view with the history of gold itself.

The head of ICE says the precious metal has become the most popular store of value because it was used for some time as a currency in the formcoins. While in circulation, gold has confirmed its relevance, therefore it still successfully serves as an alternative form of payment during periods of crisis.

He believes that sellers and buyers cangradually move away from the need to convert cryptocurrencies to fiat and vice versa, and start working directly with bitcoins. This will allow market participants to avoid additional costs and risks associated with a constant exchange.

ICE subsidiary Bakkt has already announced the development of a consumer application for paying for everyday goods with cryptocurrency. The launch of the platform is scheduled for early 2020.