NASDAQ’s Bitcoin and Ethereum indexes finally launched this week. This piece of crypto news is a very positive sign indicating mainstream acceptance and adoption of cryptocurrencies.
The breaking crypto news was announced earlier in February that Nasdaq would offer real-time Bitcoin and Ethereum index level information on the Nasdaq Global Index Data Service SM (GIDS) through its data circulation relationship with Brave New Coin, officially expanding its global data service.
Started in 1971, GIDS records current and historical data for NASDAQ’s Global Indexes worldwide in various asset classes, and this will now include the two leading cryptocurrencies, Bitcoin and Ethereum. This is amazing crypto news.
Alex Ziupsnys, a strong voice on Twitter and staunch Bitcoin supporter spoke about how significant this move was for crypto adoption as a whole. The language of cryptocurrency will be surfacing in financial offices the world over on a daily basis making it as familiar as commodities and fiat currencies to traders and investors.
This breaking crypto news was motivated by NASDAQ’s desire to stay with the times and that cryptocurrency is the future of the financial industry.
Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) will offer a “real-time spot or reference rate” for the price of 1 BTC and 1 ETH respectively. Rates are quoted in US Dollars, and “based on the most liquid ends of their markets.” The data will be refreshed every 30 seconds.
The exchange operator stated that the BLX had been one of the most referenced Bitcoin indices among crypto traders since early in 2010 while the Ethereum Liquid Index has been calculated back to 2014. Both calculation methods are independently audited against key IOSCO principles.
Ziupsnys believes that Bitcoin has the potential to be the next Global Reserve Currency which could see it growing in value and being worth millions of dollars per coin.
“Consider if Bitcoin fulfills its potential and becomes the reserve currency of the world and is now worth millions of dollars per coin. Now consider that Bitcoin starting from zero and achieving $20,000 in the first place is even crazier. Short-term price is a distraction.”
There has been some lost confidence of late in the greenback, mainly due to belligerent US global wars on trade. However, some old-timers in global circles, such as Warren Buffet who compares it to Wall Street, are still not convinced of the brilliance of Bitcoin.
“If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money.”
Buffet may be nervous of Bitcoin’s future power as he is locked into fiat currency. As Adam Draper said, “I would be bashing Bitcoin if 80% of my money was locked up by banks.”
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