A Record Year in 2017
On December 10th and Dec 17th two of the most used derivatives providers launched regulated future contracts on bitcoin. With the approval from the CBE and CBOE market, this was definitely one of the biggest and luminous moments in the history of bitcoin’s early 10-year existence.
What a growth year it has been with exchange users, cold and hot storage downloads, SEO trends, educational enrolments, and trade/transactions volume have never been higher. The price, of course, has matched this growth with a high of almost $20,000 USD for one BTC(bitcoin).
With such an increase in demand, it is natural that supply is unable to keep up. Remember, even the CBOE webpage went down during its launch; is a result of organic influx flowing into the market. Still believe it’s a fraud or bubble? Well, Wall Street doesn’t so maybe it’s time to reevaluate your position.
Now, this doesn’t mean that bitcoin’s growth only came based on Wall Street interest and promotion. In 2017 it wasn’t all good news for advocates and investors expecting to expand the Bitcoin network. In March, the SEC rejected Cameron and Tyler Winklevoss’s application to launch their bitcoin ETF. LedgerX also had their ETF application denied, and China closed all their exchanges (for a short-period).
Even with these blips in the bitcoin expansion network, the market capitalization is over $300 billion which is more than significant since just nine months ago it was only $20 billion.
It’s not unthinkable that the bitcoin market will continue to grow into 2018 and beyond with equivalent pace. With the future markets allowing institutional exposure in a regulated manner and now having investors able to hold bitcoin without owning bitcoin(that’s what a future is for) it will continue to have a deep effect on the bitcoin movement and price.
Think about it this way, the CME and CBOE were the first two regulated markets to allow bitcoin futures trading- they won’t be the last financial market and product pushing to earn a piece of this $300 billion market.
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