The latest bitcoin bull run has been brought on by a raft of good regulatory news from countries around the world and signals institutional money is eyeing bitcoin as a way to cut costs and make returns for investors.
Key points:
1. Regulatory news - A
Financial Innovation Bureau has been formed and tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies.
2. Institutional money -
Goldman Sachs is looking in to adding further bitcoin and cryptocurrency services to its portfolio.
3. Asset management powerhouse and exchange traded fund (ETF) giant
BlackRock is potentially hatching plans to launch a crypto ETF in the near future.
4. Leading cryptocurrency exchange,
Coinbase , is moving forward with becoming a fully-fledged crypto broker-dealer. This move will classify crypto digital assets as marketable securities thereby giving them greater market influence and potentially affecting entire swathes of modern markets.
5. Shift in thinking - Industry is finally understanding the distributed ledger technology (DLT) behind blockchain and realizing it's potential. Blockchain can facilitate incredibly large databases, faster operating times, sharper cybersecurity, but also, deliver pristine transparency and usability to users.
Case in point...
Google wants to bring blockchain technology to its cloud services
Good luck to all holders!!
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