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.