171101 Mainstream Media Calls Bitcoin “legit”

Yesterday, just yesterday, two events made Bitcoin news.  First, Chicago Mercantile Exchange (CME) announced they would be trading Bitcoin futures by the end of 2017.  Then, on CNBC Brian Kelly made a glowing endorsement of Bitcoin as a stable, promising investment. Bitcoin, perhaps as a result of these praises moved to new heights.  This morning Bitcoin hit an all-time high of $6624. Breathtaking.

Today, Bloomberg says the CME announcement “legitimizes” Bitcoin.  This is a very important distinction for any would-be Wall Street investment.  As evidenced by today’s trading volume and all-time high prices, Bitcoin is only beginning to reap the benefits of large investments that were bound to follow.  Bitcoin’s market cap is now about $110B, somewhat less than half the size of VISA.  Bitcoin is hardly a mainstream idea yet.  glider