Bitcoin won’t displace stocks, exchange trading: NYSE Chair Cunningham

Bitcoin has dropped to the $36,000 level from its all-time high of $64,849

While cryptocurrency is emerging as a more formidable investment asset, equities and the platforms and exchanges they trade on remain in the lead. 

"The way Bitcoin works today and the blockchain technology underneath it is not the same. It couldn't process the three hundred and thirty billion messages we processed on a busy day here at the New York Stock Exchange. So I don't expect it to be displacing us," New York Stock Exchange Chairwoman Stacey Cunningham said during an interview on FOX Business' "Cavuto Coast to Coast." 

IRS PROPOSES TAXING CRYPTO CURRENCIES

Ticker Security Last Change Change %
ICE INTERCONTINENTAL EXCHANGE, INC. 113.98 +0.47 +0.41%
NDAQ NASDAQ OMX GROUP INC 176.63 +1.47 +0.84%

"I certainly think, though, that it is something that's going to continue to grow. It's not over. But I also expect the regulators and the government to take a look at it and view whether or not there are appropriate guardrails on it," Cunningham continued.

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Securities and Exchange Commission Chair Gary Gensler has indicated he supports the world of cryptocurrencies but has vowed to enforce investor protections of which there are currently little to none for this asset class. 

Ticker Security Last Change Change %
COIN COINBASE GLOBAL 231.85 -7.25 -3.03%
BITQ EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E 23.77 -0.41 -1.68%

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Bitcoin, which hit an all-time high of $64,829 earlier this year, has taken a beating this week, dropping to the $36,000 level.

 This comes as U.S. stocks march closer to reclaiming record highs.