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ICE CEO And NYSE Chairman On New Growth Areas, Bitcoin And The Pull Of Youth

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ICE CEO And NYSE Chairman On New Growth Areas, Bitcoin And The Pull Of Youth

Shares of exchange operator Intercontinental Exchange Inc (NYSE: ICE) are up around 20 percent year-over-year, and the company is exploring newer areas for growth like bitcoins.

Jeff Sprecher, ICE CEO and NYSE chairman, was on CNBC recently to discuss the company’s growth and its investment in bitcoin technology.

All's Calm On The Earnings Front

"We are doing really well," Sprecher said. "Our earnings were up 26 percent year-over-year in the first quarter."

"So, clearly there’s a lot of volatility in the world, and it’s driving a lot of trading and risk-management. And we have been doing quite well from an earnings standpoint. And that’s what investors want to know."

Related Link: Bitcoin 101

Getting A Lot Of Business

In regards to most of the company’s growth coming from areas other than cash equity trading on the NYSE, Sprecher said, "Well, we help people manage risk, whether its the risk of owning stocks and equities, but also managing the price of oil, for example.

"We set the world’s price of oil. You can imagine over the last few months – as the price of oil has moved around, people are trying to manage their exposure to oil and so we have been really getting a lot of business from around the world."

Bitcoins

Sprecher was asked about the investment that NYSE has made in bitcoin technology. He replied, "I think there is something to it. I think there is something here."

He explained further, "That’s why we invested in it. We have been working on it for over a year trying to understand it, which, you know, it’s a new language if you will, for us laypeople. But there’s something going on here.

"Young people, Millennials, trust their app and how many stars you give a driver, more than they trust the New York Taxi Department who vets and gives a medallion to a taxi driver. And in the same way, we are seeing Millennials trust a currency that is really created in the ether more than they trust fiat currency by a government,” Sprecher concluded.

Image Credit: Public Domain

 

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Posted-In: Bitcoins CNBC fiat currency Jeff Sprecher New York Taxi DepartmentForex Markets Media