Institutional Money Laying Groundwork To Move Into Crypto Currency

Please like & share:

It has been leaked from anonymous sources to the New York Times that the parent company of the New York Stock Exchange, Intercontinental Exchange, or ICE for short, has been working feverishly to develop an online platform to enable established, institutional money to buy and hold Bitcoin.

The NYT reports:

The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential.

The news of the virtual exchange, which has not been reported before, came after Goldman Sachs went public with its intention to open a Bitcoin trading unit — most likely the first of its kind at a Wall Street bank.

The moves by Goldman and Intercontinental Exchange, or ICE, the parent company of the New York Stock Exchange, mark a dramatic shift toward the mainstream for a digital token that has been known primarily for its underworld associations and status as a high-risk, speculative investment.

With this shift in attitude towards what was once scoffed at by mainstream financial firms, how long before Bitcoin becomes a dominant currency in global finance?

Read more>>