For all the naysayers, all the critics, all the people who pronounced bitcoin dead based on nebulous metrics like its value against a U.S. Dollar, bitcoin is winning the war. Bitcoin continues to grow, evolve, and gain acceptance with industry leader after industry leader, much to the mainstream’s chagrin. If you are a part of the financial status quo, get your frown ready.
The New York Stock Exchange, the world’s largest currency and commodity exchange has announced that it will create a special bitcoin pricing index. This brand-new index will be seen on the NYSE Global index feed and be free on their website initially.
The goal is to make the New York Stock Exchange the leading global bitcoin valuation system, as the LIBOR (London Interbank Offered Rate) index does for interest rates. This is no small step forward for bitcoin, but the slow and methodical progression of a new paradigm growing into fruition. First, Google and Bloomberg LP agreed to monitor bitcoin pricing on their tickers last spring. Recently, NASDAQ, the world’s second largest financial exchange signed on to invest in future bitcoin digital exchanges, and the use of the bitcoin block chain going forward. Now, the market leader follows suit and embraces bitcoin fully, gladly putting their name on the line for Bitcoin’s unlimited future.
“We are now going to use our name, reputation and global index provider stature to provide bitcoin values that the rest of the market can look to,” says Tom Farley, president of the New York Stock Exchange.
This was no snap decision by NYSE, as Farley has been monitoring bitcoin and its progress since 2012. Recently, the New York Stock Exchange made news with a significant investment in Coinbase’s creation of a bitcoin exchange for the United States market. bitcoin’s new NYSE pricing index also marks their first ever in-house. The New York Stock Exchange has been in existence for 223 years.
“New technology does not intimidate us; it excites us,” Farley says. “Let’s not wait for this to evolve fully; let’s get a seat early on and see how this matures. With bitcoin, you don’t have to make a particularly huge investment in order to have the right seat at the table; in order to do some skunk works development; in order to stay abreast of the technology.”
This is another sign that the growing pains era of bitcoin, which started with Mt. Gox and has culminated with multiple exchange scandals, are fading behind the currency. Yes, there will be bitcoin scams in the future. Any currency of value has them, especially dollars and gold, which has seen crooks leverage their appeal for centuries. If you have anything of value, you will suffer some criminality, which is another indication of bitcoin’s worth.
Today, a major pillar of legitimacy has been added into bitcoin’s foundation by the New York Stock Exchange. They see the unlimited future of bitcoin being worth betting their prestigious name on. If this doesn’t generate a major influx of faith and credibility into bitcoin’s image, worldwide, nothing will.
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