As Bitcoin has become a frequent topic for myself and the rest of those hear at Stock Rock and Roll, I found myself dreading to write the recap for this week. While I knew it was just a phase, I was hopeful to continue to see good news surrounding Bitcoin. Unfortunately the week started with a discussion about how Bitcoin was going to crash, as the Bitcoin price decreased by 30%. Just a few weeks ago all who had actual Bitcoin were cheering with prices over $1,000. Still, even settling between $700 and $800 is better than where it was last year. So you could see how the discussion kind of played out… Anyway, I came across a very surprising article today, one proclaiming that Bitcoin will be on Wall Street by 2014. Yes, in about three to six months, the virtual currency’s day will come.
(Photo credit to: BitcoinMagazine.com)
Who was the individual to make remarks about how Bitcoin will be on Wall St? None other than a huge supporter of the currency, Barry Silbert, the CEO of SecondMarket. His company specializes in allowing users to privately trade stocks. According to Silbert, Wall St is currently throwing money into the Bitcoin fire, millions from institutions and investors, etc. This could definitely be an exciting time, especially if Bitcoin does become regulated in the long run.
This Time 2014: Bitcoin to Be On Wall St
So why do Silbert think that all signs are pointing to the virtual currency making it’s debut on Wall St? Because of the industry he’s in, he has had the chance to discuss digital currency’s potential with hedge fund investors, analysts, day traders and more. All of them are looking for a way to capitalize on the market, before this volatile bubble bursts. Even Silbert has readied himself on the front lines of the Bitcoin campaign, opening Bitcoin Investment Trust, which is the first program that allows institutional investors the ability to buy into it without the risk of losing it in their own possession. Another interesting aspect about BIT is the minimum investment amount of $25,000. You’d think that would deter some individuals, especially those unfamiliar with the digital currency, right? Hasn’t stopped any of the customers BIT has had in the last six weeks since opening, already reaching amounts between $65 and $70 million. Even with there only being about two and a half weeks left of the year, BIT is hoping to bring in the New Year with $100 million.
What does this all mean though? Will we witness the regulation and introduction of Bitcoin in Wall Street? Or will this “bubble” burst just as Alan Greenspan once said? Will all of these individuals who poured in approximately $65 million into Bitcoin actually profit? Or will we run out of Bitcoin before it even gets to Wall Street?
What are your thought? Do you think Bitcoin will be on Wall Street? Especially in the next three to six months? Let us know!
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