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Crypto

‘Too Much Speculation’ Is Hurting Crypto, BitGo’s Belshe Says

  • Price disparity between Bitcoin and derivative raised concern
  • There’s been too much speculation on some unworthy projects
Mike Belshe, co-founder and chief executive officer of BitGo, speaks during the Bitcoin 2022 conference in Miami.
Mike Belshe, co-founder and chief executive officer of BitGo, speaks during the Bitcoin 2022 conference in Miami.Photographer: Eva Marie Uzcategui/Bloomberg
Corrected

There’s a lot going on in crypto following the collapse of the FTX exchange. But traders’ focus has in recent days turned to the price disparity between Bitcoin and a derivative of the largest cryptocurrency. 

Wrapped Bitcoin, or wBTC, is backed 1-to-1 by the token, which is held in custody by the digital-trust firm BitGo. The offshoot normally trades on par with the original token but had over the past few days traded at a discount to Bitcoin.