Thomas Farley, the former president of the New York Stock Exchange, fully endorsed cryptocurrency on Squawk Box saying, "it's the best-kept secret in the world and maybe the financial markets."
When asked about his opinion on Coinbase and the crypto space in general, Farley said he found crypto more exciting than anything to talk about and that he's all in.
"The only thing I find more exciting than debating you on tax policy, Andrew, is talking to you about crypto. I'm all in, and I think Coinbase (COIN) is a great company," said Farley.
Farley further noted that he believes the crypto space is amazing in spite of the press it has gotten.
"I think the crypto space is amazing right now, notwithstanding the press its gotten. I think it's the best-kept secret in the world and maybe the history of the financial markets," he said.
He continued, saying "I'll give you a stat; Coinbase today is the eighth largest exchange in the world. If you ask the everyday American they would probably think it's the biggest exchange in the world."
Farley went on to explain the DeFi space and say that the trading volume on the various decentralized finance applications is larger than anything else.
"There's this corner of crypto called DeFi where essentially very smart Kids are putting code up on a blockchain of their choosing and then you have a self-operating smart contract," said Farley. "DeFi exchanges are doing as much volume if not more than Coinbase today."
Farley said that traditional competitors like banks have largely ignored this and abdicated their role.
"The wall street banks who for a century have made markets in every asset around the world have ignored this and abdicated their role and allowed Coinbase to become an $80 billion company," said Farley.
He said that retail brokerages have also done the same and that the cryptocurrency markets are here to stay and past the point of no return.
"Retail brokerages have ignored it and so retail has just moved around it and found other ways to access this asset class. I think it's fascinating and I think it's here to stay. We're past the point of no return," said Farley.
Don’t miss out on how smart money is playing the crypto game. Find out how hedge funds, family offices and wall street players are positioning themselves for the growing crypto-economy in our premium newsletter - The Crypto Investor.