A number of positive news pieces were out in the Bitcoin industry this week. The prospect of regulatory doors opening up, the instrument expanding in its product type through derivatives contracts and a new data feed to support professional traders and firms, all steps in the right direction for the digital asset class.
When central banks or governments talk Bitcoins, it’s usually on a sour note, however, a government minister from one of the world’s largest and most reputable financial centres broke the silence on the country’s plan to explore the dynamics of virtual currencies. The UK’s Finance Minister aka Chancellor of the Exchequer, George Osborne, made a surprise comment about the new financial payment mode. Mr. Osborne stated that his government will be exploring the benefits such instruments could potentially have on the UK’s financial sector.
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Bitcoins Getting Financed up
The financialization of Bitcoins is critical for the asset class to find solace in the financial markets trading sphere and develop its position as a viable asset class. Two related news pieces will support this notion.
A business head from one of the world’s largest exchanges has spoken in favour of exchange traded funds (ETF) that invest in Bitcoins, namely the Winklevoss Bitcoin Trust. The new instrument is undergoing regulatory scrutiny by the authority that governs exchange traded products, the Securities and Exchange Commission (SEC) has yet to approve the firm.
David LaValle, Vice President of Transaction Services for Nasdaq OMX and Head of ETF business, spoke on the future of the currency as he sees the prospects of the instrument among the investment community.
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Adding to the positive news is the concept of Bitcoin futures. On a similar note, Bitcoin traders will be pleased to know that the first Bitcoin derivative are close to production with a number of providers exploring the concept.
The new product type will be available to users on OKCoin. The Chinese-based exchange has been spearheading growth and opportunities in automated and algorithmic trading in Bitcoins.
With the possibility of new regulations, as stated by UK government official, and the opening up of new product types, professional traders were also boosted as market data providers to the financial industry, Thomson Reuters having launched a new price feed on its popular Eikon portal. The portal will source real-time pricing of the Bitcoin instrument, which will be available from Bitstamp bitcoin exchange’s price.
Thomson Reuters, one of the driving forces in the global interbank market, is a pioneer in matching bank and broker feeds in its trading terminal. Its entry into the Bitcoin market will signal opportunities for the instrument.
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Bitcoin specialist news portal, Digital Currency Magnates, publishes the latest news and information impacting the virtual currencies sector, the site also publishes analysis and the real-time price of the instrument.