The bitcoin price has officially achieved a new all-time high price at $8,100, surpassing its previous high at $8,050 established earlier this week.
$10 Billion Awaiting to be Invested in Bitcoin
Analysts have attributed the recent surge in the price of bitcoin to the global bitcoin marketâs optimism towards the launch of bitcoin futures by CME and CBOE, two of the largest options exchanges in the world, given that hedge funds including the $95 billion firm Man Group have announced their short-term plans of investing in bitcoin upon the launch of CMEâs bitcoin futures exchange debut.
Upon the release of Coinbase Custody, a custodial platform which enables large-scale institutional investors to invest a minimum amount of $10 million in bitcoin and other digital currencies, Coinbase CEO Brian Armstrong revealed that there exists at least $10 billion in institutional money, or âmoney on the sidelines,â waiting to be invested in bitcoin.
âOver 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets (including family offices, sovereign wealth funds, traditional hedge funds, and more). By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today,â said Armstrong.
The $10 billion figure represents the minimum hedge fund managers are allowed to invest in bitcoin. In the upcoming months, depending on the success of CMEâs bitcoin futures listing and other trading platforms such as LedgerX, the bitcoin derivatives, options, and futures exchange approved by the US Commodities and Futures Trading Commission (CFTC), total institutional money allocated into the bitcoin space in the short-term could increase significantly.
No Uncertainty Ahead
The global cryptocurrency exchange market has stabilized since the past week, as the price of Bitcoin Cash declined to $1,200. Trading volumes of bitcoin and Bitcoin Cash, which remained above $10 billion, have come back to the $1 to $3 billion range.
In consideration of the termination of the SegWit2x hard fork and the lack of community support for the Bitcoin Gold hard fork that was supposed to occur last month, bitcoin has no uncertainty ahead that could lead to a major price correction. As such, the market has demonstrated absolute confidence in the mid-term growth of bitcoin, as shown in the recent price trend of bitcoin.
In the upcoming months, by early 2018, several analysts predict the price of bitcoin to achieve $10,000, based on the CME futures contracts. As tens of billions of dollars flow into the market at a rapid pace, the price of bitcoin will likely surpass the $10,000 mark with ease at this rate.
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Digital currency bitcoin begins trading on major exchange for first time in Chicago WLS-TVBitcoin Futures Started So Hot That Trading Had to Be Halted Twice FortuneBusiness Insider Â âCNNMoney Â â
Understanding Futures: A Primer for Bitcoiners
Lanre Sarumi is the CEO of Level Trading Field, an interactive online platform for professionals in the finance industry.
"Study the past if you would define the future." – Confucius
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