Wall Street welcomes bitcoin with interest and worry

Wall Street is laying the foundation for more wealth to flow into bitcoin while many have already invested in the virtual currency. Some say it is the fraud of the century while others adopted it as a gold mine at its early stage. However, nobody can predict the future of tomorrow and what value it holds for us in the long run since we still do not see its daily application as a medium of exchange for tangible products

Optimists see a future of the virtual currency and supported it from the beginning. In late 2017, the Chicago Board Options Exchange became the first major exchange to offer a bitcoin product, a move that gave a legitimacy to the currency. The Chicago exchange allowed trading on bitcoin futures — not on bitcoin itself — a financial instrument well known among investment professionals.

“The arrival of a potential bitcoin ETF remains top-of-mind for institutional investors seeking exposure to this emerging asset class,” said Michael Graham, an analyst specializing in Internet, blockchain and digital assets at Canaccord Genuity.

Navojit Dastidar