Bitcoin Bond will strengthen the Legitimacy of Cryptocurrencies
Bitcoin Bond will strengthen the Legitimacy of Cryptocurrencies:
This is a good time for all those who have been trading cryptocurrencies on financial markets as these digital currencies have never been more popular. Among them, Bitcoin is witnessing record-breaking values that took the financial world by storm during this month. At one point, the value of Bitcoin was $Four,500 which is the level that uncommonly anyone expected for this digital currency could reach.
There are several reasons why Bitcoin has been gaining value and popularity in the financial market. One of those reasons is related to the growing number of institutions engaged in the business of cryptocurrencies. More and more governments, hedge funds and even banks are looking for their chance to get involved in this business. Because of that, Bitcoin has been skyrocketing in August as several investors made meaty investments in this business.
Most recently, a Japanese company called Fisco has also made a stir to the market of cryptocurrencies by announcing that they will be creating bonds that will be backed with Bitcoin which is something that has never happened before. Earlier this month, Fisco announced that they have already issued their very first bond backed by Bitcoin and the value of that bond was 200BTC which when converted into the standard currencies is somewhere around $840,000.
It is no surprise that a Japanese company has determined to make this stir because Bitcoin and other digital currencies have been especially popular in this country and Japanese financial market has been predominated by this digital currency more than any other market in the rest of the world.
Not the Very first Attempt
However, this is not the very first attempt that a certain company has made in order to make Bitcoin more mainstream. Winklevoss Bitcoin ETF was the very first company that attempted to do that by introducing the possibility for regular people in the United States to invest in Bitcoin by using their IRA or their 401(k) accounts.
However, this effort got shut down by SEC telling that this kind of financial transactions do not provide enough protections and safety for the people actually making transactions. Because of that, this effort fell apart before it even got the chance to come in the market. Since then, there were several other attempts to do the same and they have been much more successful. The ICNX or the cryptocurrency index will be released soon and that will be one big step in bringing Bitcoin to the mainstream and SEC has already agreed to take another look at the Winklevoss idea.
One of the reasons why the value of Bitcoin has been going up permanently is the fact that governments have failed to recognize this digital currency as legitimate. Because of that, hedge funds, investment banks, and other investors have been trading Bitcoin through traditional means – through exchanges. Because of that, the value of Bitcoin rose significantly lately and it does not seem like that it will be falling anytime soon.
At this moment, the lack of regulations seems to be going in the favor of traders. However, when those regulations get passed, Bitcoin will become a centralized and legitimized and that could lead this cryptocurrency to the total collapse due to the corruption that could potentially emerge in this business.
Written by Vedran Ostojic
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