But there’s a glimmer of good news on the horizon – and it’s being predicted that it could give a massive boost to the price of Cryptocurrencies.
According to Forbes, investors are looking forward to the U.S. Security and Exchange Commission’s decision this month on whether or not they’ll grant approval for a bitcoin exchange-traded fund.
Until now they’ve refused to approve such a scheme because of concerns about Bitcoin’s price instability and potential fraudulent activity, so such a programme could go a long way towards adding some institutional backing.
And that’s not all. Investors are also very excited about an upcoming scheme from the New York Stock Exchange’s parent company, Intercontinental Exchange (ICE).
Earlier this year, ICE revealed they would be rolling out their own Bitcoin and Crypto platform in November called Bakkt, which will reportedly be run in partnership with big industry names Microsoft and Starbucks.
“Our new daily bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset,” Bakkt CEO Kelly Loeffler said in a blog post. “This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage and cash settlement.”
Bakkt is described by its founders on its website as a way “to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain.”
Microsoft’s involvement in Bakkt, in particular, is interesting considering Bill Gates’ very public slamming of Bitcoin.
“Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way,” he said during a Reddit AMA in February.
So, we guess the struggle for Crypto legitimacy rolls on…