As Bitcoin reaches a major milestone at $10k USD, investors have spoken out – remarking that the cryptocurrency may be a new ‘safe haven’ for institutions.
As Bitcoin closes in on its next major milestone at $10k USD – presently sitting at the $9600 USD mark at press time – the cryptocurrency could be entering into a new era of utility as a ‘safe haven’ for institutional investors.
Following on from reports this year that Wall Street demand has fuelled the digital currency’s stellar rise and in addition to the CME Group’s plans to offer Bitcoin Futures trading after a regulatory review, analyst Mikhail Mashchenko has quipped that Bitcoin could become a lifeline for hedge funds and other investment professionals.
Speaking to Russia Today, Mashchenko commented that “The demand for bitcoin is growing as the crypto market has become less volatile, and an increasing number of professional investors see it as insurance… LedgerX launched its first long-term options for bitcoin, with an expiration date of December 28, 2018. In the coming months, we will continue to see the ‘domestication’ of [the cryptocurrency]: the Chicago Board Options Exchange and the Chicago Mercantile Exchange are planning to launch tools based on the cryptocurrency in the near future”.
Mashchenko continued to offer that “We could see a bitcoin at $10,000 in a month or so. However, such a surge will be based on emotions, not on fundamental factors. So, further growth of the cryptocurrency will require something more than euphoria”.
Bitcoin has this year weathered numerous storms – including increasing governmental pressure and incoming legislation, community departures that have birthed forks in the form of Cash and Gold. Still, the cryptocurrency looks set to cross the $10K USD mark before the close of the year.
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