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Monday, October 30, 2017

Crypto News: Bank of America Bullish on Bitcoin ETFs, Anticipates 1.6 Billion USD Market

Bank of America Bullish on Bitcoin ETFs, Anticipates 1.6 Billion USD Market

With a few baked-in assumptions, BAML pegs foreign currency exchange market (FX) volume to around 1.65 trillion USD. FX currency markets cast a huge shadow, and their decentralized and around-the-clock trading seems match-made for bitcoin. If, BAML projects, the world’s most popular cryptocurrency can grab ten percent of that trillion dollar volume, then the 1.6 billion USD number is arrived at rather easily.

As quoted by Frank Chaparro of Business Insider, BAML explains, “If these volumes were to materialize, with the same relationship between spot market and futures, and the same revenue per contract, the revenue pool would be about $1.6bn.”

One US company stands to gain almost immediately from such an environment of “significant revenue stream,” according to the bank, and that’s Cboe.

Cboe, readers might recall, first embraced cryptocurrencies when it gobbled up Bats Global Markets, at least partially in an effort to help Cameron and Tyler Winklevoss gain a mainstream exchange trading seat. The Securities and Exchange Commission (SEC) squashed the deal, however. Later, former Chairman Arthur Levitt remarkedhow the SEC doesn’t “want to take on something as complex from a regulatory point of view as bitcoin is.”


Full story at http://bit.ly/2gMYcsV


Source: Bitcoin News


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