CEO of Intercontinental Exchange: Bitcoin needs real use cases before becoming digital gold

According to CoinDesk, Intercontinental Exchange (ICE) CEO Jeffrey Sprecher said in a third-quarter earnings conference call that Bitcoin could become "digital gold," but first needed to be used more in everyday business. Sprecher believes that the use of bitcoin in transactions is a prerequisite for its long-term value storage. Sprecher said many of Bakkt's employees have already considered Bitcoin as digital gold. But for him, this is still too early. He explained: "Because I am old, I have thought of how gold has become a means of value storage. Gold was once a currency, we have gold coins, it can be circulated, and over time, its spending power makes It has become a means of value storage. Bitcoin may follow a similar trajectory." Sprecher believes that Bitcoin's "real use case" is a digital transfer of value through payment. It is likely that a situation will occur where merchants and users will accept Bitcoin directly instead of converting Bitcoin into legal tender. In this way, the parties will be able to save the exchange cost of converting between Bitcoin and French currency. Bakkt hopes to serve this market by establishing a digital platform to facilitate such transactions.