Bitcoin has moved on from being the currency of back-Internet drug purchases and to having its own index on the New York Stock Exchange.
Transactions on Coinbase Exchange will provide the dollar value for Bitcoin, which are currently trading at $233. The NYSE has invested in Coinbase, a popular bitcoin wallet and trading venue. Writes ValueWalk:
“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class,” said NYSE Group President Thomas Farley.
The NYSE doesn’t see Bitcoin as a viable long-term investment, but it does see enough interest in the currency to sustain an index. In many ways Bitcoin is comparable to gold as an investment, with people either believing in it or not. Over the years 14 million Bitcoins have been created for a total market of about $2.3 billion. Arguably, Bitcoin is easier than gold to manipulate, but also suffers the risk of being replaced by another virtual currency down the road.
Photo: BTC Keychain via Flickr.