The Institutional Adoption of Bitcoin is Accelerating Despite Market Downturn
The Institutional Adoption of Bitcoin is Accelerating Despite Market Downturn
Despite the recent decline in Bitcoin price, a growing number of Institutions are continuing to increase their exposure to Bitcoin and Blockchain Technology, further strengthening the bullish case for Bitcoin. New developments this past week included:
CME Announcing the Launch of Bitcoin Options - January 2020
In Response to growing interest in cryptocurrencies and customer demand for tools to manage Bitcoin exposure, the CME Group will launch options on Bitcoin futures on January 13, 2020.
https://www.cmegroup.com/cme-group-futures-exchange/options-bitcoin-futures.html
Canaan IPO Confirmed - $100 Million NASDAQ Listing in November:
Canaan is currently the second-largest designer of Bitcoin ASIC mining machines globally with their IPO application estimating they hold a market share of 23.3%. On November 21st to become the first mining machine hardware designer to list publicly. The Canaan IPO will issue 10 million shares to the public at a price between $9 and $11.
What does this mean for the Bitcoin Market?
An ASIC Manufacturer becoming a publicly traded company on the NASDAQ and the CME’s Bitcoin Options will provide traditional investors with a familiar avenue to gain exposure to Bitcoin. Trading volumes should explode higher and allow Institutional managers to deploy more attractive strategies.
