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The Future(s) of Bitcoin is Now

The Future(s) of Bitcoin is Now

The Future(s) of Bitcoin is Now

Since the introduction of Bitcoin nearly 10 years ago, it has been subjected to its fair share of ridicule, speculation and avid interest.

While some see it as a novelty or just some passing fad, its staying power is undeniable. Its popularity is increasing at a phenomenal rate, with more and more people wanting to get their piece of the Bitcoin pie.

However, the virtual currency is expensive to own. From starting out at just a few cents per Bitcoin, it has reached the $7,000 mark in its road to becoming the most coveted cryptocurrency out there. In fact, it has grown more than 500% since the beginning of the year.

Even though it is in demand in the virtual world, its real-world charm was somewhat lacking. That is until now. Bitcoin’s seemingly meteoric rise to fame has piqued the attention of some very big corporations who hope to capitalize on its astronomical growth.

One such company is CME, which manages both the Chicago Mercantile Exchange and the Chicago Board of Trade and New York Mercantile Exchange and Commodity Exchange. The company had recently announced that they would be launching Bitcoin futures contracts as soon as the end of this year.

This will provide an air of legitimacy to the much-discussed cryptocurrency as anyone, who can afford to, will be able to invest in Bitcoin. A big benefit to this type of investment is that investors do not have to physically own any Bitcoin. They just need to speculate on the future price of it. Another positive side effect of these contracts is that it will allow for the possible creation of Bitcoin ETFs, which will in all likelihood be supported by futures contracts.

This will allow for Bitcoin’s easy transition from prized virtual currency into a valued financial asset in the real world. In addition, it completely eliminates counterparty risk, as well as shielding investors from the notoriously volatile and unpredictable crypto market. What’s more, it is estimated that the total amount of Bitcoin in circulation is over $100 billion, luring investors ever closer to capitalizing on market value of the currency.

In other market news, President Donald Trump has replaced Janet Yellen with Jerome Powell as Chairman of the Federal Reserve.

Powell is expected to maintain the cautious raising of interest rates, seemingly consolidating his conservative image as seen by the markets.

These slow-raising interest rates are viewed as favorable by the stock markets, which reached all-time high levels once again this week.

Author : Jack Dean

Jack has worked in the cryptocurrency industry for 5 years now as a reporter. His experience is predominately in banking, while he also has a keen interest in the forex world. His daily output is read by thousands of readers globally.

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