Bloomberg LP, one of the world’s foremost financial data portals, has just announced their adding of Bitcoin coverage to their Bloomberg Professional Service.
Recognizing that virtual currencies have become increasingly newsworthy (as demonstrated by trends in their coverage of late) and have been grabbing the attention of media and investors, they have deemed it worthwhile to add this latest feature.
They list Kraken and Coinbase as exchanges for which professionals will be able to monitor and chart data. In addition, related news and social media posts from over 100,000 sources will be shared.
In addressing the question that must be on many people’s minds, “Why would Bloomberg get involved with something so controversial?”, they cite the following 3 reasons:
“Transparency – Bloomberg was founded to provide transparency to opaque financial markets and we believe all markets, even digital currencies, greatly benefit from increased transparency.
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Client demand – Serving the needs and objectives of clients has always been a guiding principle of Bloomberg. Clients are increasingly interested in bitcoin and other digital currencies and are looking for tools to better monitor developments in these markets.
Innovation – While bitcoin and other virtual currency markets are still nascent, they represent an interesting intersection of finance and technology. Given that Bloomberg sits squarely at that intersection, providing pricing for this underdeveloped market is a natural fit for us.”
Still, they have stressed that their adding of Bitcoin in no way constitutes its endorsement. While its usage as increased, it is still but a fraction of that of fiat. Governments have given mixed reactions and the regulatory environment still remains unclear.
The company started in 1981 when Michael Bloomberg developed his own computerized system to provide real-time data and financial analysis to Wall Street firms. In subsequent years, they added their Tradebook trading platform, a messaging service and newswire. They have since launched a global TV network, radio station, several websites and magazines.
Their terminals are used by over 315,000 subscribers worldwide and cost in the neighborhood of $20,000 per year per user. The Bitcoin information can be accessed on their service by typing VCCY<GO>.
Bitcoiners are already encouraged by the addition, with some speculating a surge in price resulting from what some will interpret as a blessing granted from one of the greatest financial players. Also, by saying that digital currency markets will “greatly benefit from increased transparency” from the addition, some may wonder if this can pave the way for greater market stability in the future.