Bitcoin Gets Subtle Endorsement From Bloomberg
Without a doubt one of the most innovative online commodities in the last few years is that of virtual currencies like Bitcoin. To think that global consumers would have the option of an alternative currency in which all you need is an online connection would have been science fiction a few years ago.
It would not be an exaggeration to say that Bitcoin could do for global currencies what the iPhone did for telephones. The online gambling industry is already benefitting from Bitcoin only casinos as they offer a real money alternative to otherwise illegal online gambling. Along with the good comes the bad and opponents to virtual currencies are quick to point out the dangers which include money laundering and to funding global terrorist groups.
The key to Bticoin’s longevity is legitimacy and acceptance on a global scale. This got a major boost today as one of the world’s top financial firms Bloomberg announced it will start listing Bitcoin prices for its more than 320,000 professional service subscribers. The data will come from the Bitcoin exchange Kraken and online Bitcoin payment processor Coinbase.
Bloomberg is known for being on the cutting edge of the financial world and are well aware of current trends, Bloomberg’s head of fixed income, Tod Van Name explained their reasoning behind the move,” While Bitcoin and other virtual currency markets are still nascent, they represent an interesting intersection of finance and technology, Given that Bloomberg sits squarely at that intersection, providing pricing for this underdeveloped market is a natural fit for us.”
There is no doubting that Bloomberg’s Bitcoin initiative will be seen as endorsing and legitimizing the often tarnished and shady reputation Bitcoin has earned. This of course was denied by Van Name who empathically said it was not an endorsement for Bitcoin and there was no guarantee that Bitcoin will be around in the long term. Van Name went on to say that offering their subscribers the latest Bitcoin rates would satisfy client demand and bring more transparency to the opaque market.