Intercontinental Exchange (ICE), the origin company of NYSE, reportedly plans to allow traders a swap contract that will allow customers to get their hands on Bitcoin the following day — along with the backing and stamp of approval of the exchange. This type of contract brings further legitimacy to the transaction because it puts the trading under the oversight and regulation of the Commodity Futures Trading Commission.
More broadly, this move implies a greater acceptance on Wall Street. It turns out that some of the financial power brokers are demanding access to Bitcoin, a digital currency that has remained divisive for years. It was only several months ago that Bitcoin billionaire Cameron Winklevoss told CNBC that “[Bitcoin] is a multitrillion-dollar asset – I don’t know how long it takes to get there,” while UBS’s Paul Donovan argued Bitcoin is simply a bubble that should be ignored. Oh, if only it were that easy.
As Term Sheet noted at the time, it’s almost inconceivable to put the genie back in the bottle once institutional money begins to pour in. And the floodgates are open. Just several days ago, Goldman Sachs published plans to open a Bitcoin trading operation and Nasdaq recently said it would “consider becoming a crypto exchange over time.”
This might be the last time we see Bitcoin under 10.000$ range.
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