BitCoin’s Value Grows as Wall Street firms enter the market
Last weekend, Bitcoin saw a decline in its overall value thanks to the unexpected surge of sister cryptocurrency Bitcoin Cash. This surge led some experts to wonder if Bitcoin Cash might one day supplant its sibling currency as the leading cryptocurrency. It might still happen one day, but, as of right now, Bitcoin remains strong and is surging thanks to investments from mainstream Wall Street firms.
The currency is currently valued at more than $7.200 a coin and it is likely to keep growing if the currency’s mainstream appeal continues to increase. One of the first mainstream groups to embrace the cryptocurrency is the hedge fund Man Group. This week, the hedge fund announced that it would be adding the currency to its portfolio upon the launch of CME Group’s Bitcoin future exchange.
CME Group has said that it plans to list the cryptocurrency by the second week in December. Traditionally hedge funds such as Man Group have minimum investments of $ around 300 million so, over the course of the next few years, it is likely that we will see billions invested into the currency over the next several years.
The brief surge in Bitcoin Cash saw a number of investors buying the cryptocurrency which helped fuel its rise even more. We’ll likely see a similar occurrence with Bitcoin on a larger scale since it is a bit more mainstream than its rivals. The increased investment from Wall Street firms should further cement the currency’s reputation as the leading cryptocurrency in the minds of investors.
In the short term, investors expect Bitcoin’s value to break the $10,000 mark within a few months. Some believe that it will do so before the end of 2017, but that may not be enough time for the market to stabilize. That being said, the currency is currently valued at more than $7,000 a coin so we wouldn’t be surprised if the price stabilized within that range before 2017 ends.
Eric is an avid tech junkie, gamer, and comic fan. When he's not working on his PC, you'll find him at your local comic book shop.