New York Stock Exchange to open up to Bitcoin trading
The New York Stock Exchange is making moves to get ahead of the competition by introducing cryptocurrency trading.
The parent company of the NYSE is building a cryptocurrencies trading exchange.
The new platform will allow New York Stock Exchange institutional investors to buy, hold, and sell Bitcoin, according to The New York Times.
Intercontinental Exchange (ICE), the company that owns NYSE, plans to offer customers a swap contract that will allow traders to buy and receive Bitcoin the following day.
This contract will also include the full backing and stamp of approval of the New York Stock Exchange.
By dealing with this type of contracting, it brings a wealth of legitimacy to the transaction.
The trade will be placed through the oversight and regulation of the Commodity Futures Trading Commission.
In other words, Bitcoin trading with receive full acceptance on Wall Street.
Financial power brokers want in on Bitcoin
For years, digital currencies have been dismissed by the established financial institution.
As it turns out, big-wig power brokers are now demanding access to Bitcoin trading after witnessing its performance over the last twelve months.
Bitcoin billionaire Cameron Winklevoss highlighted Bitcoin‘s potential just a few months ago, saying:
“[Bitcoin] is a multitrillion-dollar asset – I don’t know how long it takes to get there.”
On the other side of the coin, crypto critics such as UBS’s Paul Donovan claim that Bitcoin is merely a bubble that should be ignored.
Bitcoin has proved time and time again that it won’t crash to zero, and it won’t “pop,” and now big money is noticing that.
According to Jon Matonis, a Founding Director of the Bitcoin Foundation, Bitcoin is the pin that will pop the “central banking bubble,” saying:
“To the people who say Bitcoin’s a bubble, I would say Bitcoin is the pin that’s going to pop the bubble.
“The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks.
“Those are the bubbles.”
As Term Sheet notes, it’s almost impossible to put the crypto genie back in the bottle once institutional money begins pouring in.
The floodgates are already open, however, and Wall Street is following the current.
Nasdaq also recently said it would “consider becoming a crypto exchange over time.”