As 2017 draws to a close, it doesn’t seem much of an exaggeration to say this year
represents a decisive moment in bitcoin history. It was the year that bitcoin made the
leap from the sidelines to record high transactions, albeit with some highs and some
lows (a slump in value proving to be a not very festive Christmas present for many).
While the value of bitcoin may have fluctuated towards year end, adoption of the
digital currency climbed during 2017. The number of exchange users, wallet
downloads, transactions and media attention exploded.
Proof that crypto is moving into the mainstream came when the CME Group, a
leading derivatives marketplace announced it was bringing Bitcoin futures to the
market; giving the digital currency a legitimacy, countering those who have
questioned its longevity and validity.
And this is likely only the first futures market. According to Coindesk, there are over
15 applications pending for new ETFs, indicating the potential market size.
Part of the attraction is that investors will be able to gain exposure to bitcoin without
having to take on the risks of holding digital currency. For many, the crypto world is
just too foreign. But help is at hand to educate potential investors in digital
currencies. The Commodities Futures Trading Commission (CFTC) has launched an
online information portal to educate the public on digital commodities.
But not everyone is thrilled with the newfound legitimacy being given to bitcoin. Says
author Andreas Antonopoulos, as quoted by Coindesk, "I am uniquely allergic to the
word 'legitimacy,' it makes me want to vomit when warmongering, war profiteering
bankers use it to describe bitcoin. That takes a lot of audacity."
Audacious or not, as the bitcoin market becomes less haphazard and more effective
(dare we say, legitimate), it may go some way to countering the volatile pricing of the
currency, making it more efficient and, ultimately, a better store of value.
Sort: Trending