On the ninth anniversary of Satoshi’s white paper, The CME Group announced it would launch a regulated bitcoin futures market. This was a dramatic moment in bitcoin’s history, and gave an added push to the blockchain train.
Even after the tremendous 2017 year for bitcoin, many believe that the future for the cryptocurrency is brighter than ever. Nearly every single metric showed exponential signs of growth for bitcoin. These metrics include: exchange users, wallet downloads, social media references, Google search trends, trading volumes, and transactions per day.
Currently the futures markets are embedding bitcoin into the traditional regulated markets, giving it a higher sense of legitimacy for those that find the digital currency to be a fraud. As Wall Street accepts bitcoin more and demand goes up, more regulated markets will be in demand as the volume of bitcoin traded will also surely increase. There are currently 15 applications pending for new ETFs. These more regulated markets will likely deepen liquidity, and reduce the volatility of bitcoin, thus contributing to greater market efficiency. As the market becomes more efficient bitcoin will certainly be viewed as a better store of value and medium of exchange.
As bitcoin becomes more accepted, expect companies to also venture into the mining industry. Digital Power Corp, recently announced that they are going to start mining the top 10 digital currencies and their stock skyrocketed 750%. Numerous tech companies are also diving into the mining bandwagon as they are seeing a lot of green.
All of these factors will contribute to closing the spread and increasing the volume of bitcoin so it can one day act as the ultimate medium of exchange and store of value.