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If there’s one traditional “old-fashioned” (relatively speaking) financial institution that is also pro-crypto, then it is probably the second-largest stock exchange globally by market capitalization, the Nasdaq. After in December 2019 it was confirmed that the Nasdaq will list Bitcoin futures in 2019, now the Nasdaq CEO has made several fascinating mostly pro-crypto remarks.
Adena Friedman, President and CEO of Nasdaq, published a LinkedIn article entitled “New chapters in innovation and disruption will be written in 2019” in which she describes the upcoming global economic trends of the year that she foresees. One of those trends is cryptocurrencies, which she views as the possible “global currency of the future.”
Friedman portrays two scenarios to which cryptocurrencies could fall in the future:
- Either the innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric (e.g., the Internet); or
- The invention fails to achieve broad adoption and its commercial applications as medium of exchange are limited (e.g., the Segway).
Then, however, Friedman abandons her presumable neutral stance and makes it clear to which of the two directions she leans. After acknowledging the legions of investors who invested in cryptocurrencies in recent years, she makes the following incredible pro-crypto statement:
The invention itself [cryptocurrency] is a tremendous demonstration of genius and creativity, and it deserves an opportunity to find a sustainable future in our economy.
Quiet a remarkable proclamation when considering that, in spite of its relative novelty and innovative reputation, the Nasdaq is still considered as one of the old conventional financial institutions.
Additionally, Friedman argues that at least “some level of oversight and regulation” are required so that cryptocurrencies could become “a practical utility”; interestingly, she also admits that oversight and regulation are antithetical to the decentralized essence of cryptocurrencies. She ends her segment about cryptocurrencies by stating that they (the Nasdaq) “believe digital currencies will have a role in the future.”
It is indeed rare to witness a persona who belongs to the “old” financial establishment relating to cryptocurrencies in such a favorable way, proving that the Nasdaq – through the leadership of Adena Friedman – is willing to adopt and adapt quickly to the rapidly changing market trends and progress.