Intercontinental Exchange (ICE) CEO and New York Stock Exchange (NYSE) chairman Jeffrey Sprecher has come out in support of bitcoin and the blockchain, voicing his belief that the technologies are part of a larger change in how trust is being established in society.

Speaking to CNBC's Bob Pisano on "Power Lunch", Sprecher opened up about NYSE's investment in bitcoin services provider Coinbase's recent $75m Series C funding round, one of the largest so far closed by an industry firm.

Sprecher suggested NYSE has been looking into bitcoin and the blockchain for "over a year", but noted the exchange has found the language of the industry difficult to navigate.

However, Sprecher said his interest had persisted due to the fact that millennials are becoming comfortable using the technology in the same way that they are becoming used to other platforms – such as ride-sharing app Uber – where the crowd, rather than a central authority, informs decision-making.

Sprecher told CNBC:

"I think there's something to it," he said, alluding to bitcoin and the blockchain. "I think there's something here, that's why we invested in it."

Image via CNBC.