We all remember the crazy Bitcoin growth last December when it hit new heights and reached almost $ 20,000. There are serious reasons to believe that this growth was due to the start trading of bitcoin futures by the well-known CBOE and CME exchanges. Perhaps soon we will see a repeat of the December scenario, and that’s why.
New York Stock Exchange will push the Bitcoin growth
According to Bloomberg, according to unnamed sources familiar with this project, Intercontinental Exchange Inc. works on a trading platform that would allow investors to bet on Bitcoin. Recall that this company is the actual owner of the New York Stock Exchange.
It is further reported that ICE held negotiations with other financial firms about a project that is still under development. The representative of the company declined to comment.
This information echoes what the New York Times reported on Monday, citing four people who have confidential information related to this project. Namely, that
THE PARENT COMPANY OF THE NEW YORK STOCK EXCHANGE IS WORKING ON AN ONLINE TRADING PLATFORM THAT WILL ALLOW LARGE INVESTORS TO BUY AND HOLD BITCOIN
The process is in full swing
As further stated, ICE held discussions with other financial institutions about the creation of a new operation through which banks can buy a contract known as a swap that will end with a client owning the Bitcoins the next day – with the support and security of the exchange.
THE SWAP CONTRACT ALLOWS TRADERS TO REMAIN UNDER THE REGULATION OF THE Commodity Futures Trading Commission AND TO ACT CLEARLY IN ACCORDANCE WITH APPLICABLE LAWS
that they struggled to do crypto exchanges.
Wall Street companies began offering customers futures from Cboe Global Markets Inc. and CME Group Inc. in December. But the financial industry shied away from selling Bitcoin himself. One of the problems is that virtual currencies can be stolen by hackers, an issue that arose earlier in some large cryptocurrency networks. That means that traditional Wall Street firms seeking to facilitate investment should find out how to safely store these assets.
That is not the only catalyst that will affect the Bitcoin growth
But that’s not all, because you have not forgotten that Goldman Sachs recently announced its intention to open a trading platform for Bitcoin. First Goldman will trade in futures associated with the Bitcoin price. But
GOLDMAN EXECUTIVES SAID THEY ARE LOOKING IN THE DIRECTION OF BUYING AND SELLING REAL BITCOINS
No, that’s not all. Since Nasdaq chief executive Adena Friedman recently said that her company could also create a virtual currency exchange if regulatory issues are eliminated.
As we see for institutional investors preparing the ground for trade, which will undoubtedly affect the growth of Bitcoin.
Currently, regulators are deciding whether Ethereum is security. There is evidence that ICE was considering the possibility of concluding a swap agreement related to the Ethereum, but refused it because of the uncertainty of regulation.
Many believe that the proceedings with the Ethereum are nothing more than fiction. But according to The New York Times more
ON MARCH 28, THE SEC HELD A CONFIDENTIAL MEETING WITH THE SO-CALLED “Venture Capital Working Group”
The group included two venture companies in the field of virtual currency, Andreessen Horowitz, and Union Square Ventures. It also included lawyers from Cooley, Perkins Coie, and McDermott Will & Emery. The SEC spokesman declined to comment on the meeting.
Bitcoin growth is inevitable
But Bitcoin quietly waits on the sidelines since he does not yet face any threat in this regard. Institutional investors believe that since
BITCOIN CREATED AND STRUCTURED – WITHOUT ANY ONE COMPANY OR ORGANIZATION AND THEREFORE IT CAN NOT BE CONSIDERED A SECURITY
Mr. Chou, the founder of the LedgerX exchange, commented on the current situation with Bitcoin as follows: “The industry is seeing the unprecedented institutional interest for the first time in Bitcoin’s history. I’ve been amazed that the strongest believers in cryptocurrency often start out the most skeptical. It’s a healthy skepticism. But at some point the perception shifts, and for many institutions — I think we’re finally there.”