We at FintekNews are getting DAILY inquires on how to get bitcoin exposure and explain digital currencies. Most of these inquires did not know the words blockchain and bitcoin last year. A top? Hardly. A new asset class is blooming and has huge potential. We agree with this author and her thoughts.
Obviously fintech in its overall capacity is HUGE with household names like Microsoft, IBM, Chase and on and on changing their business models to adapt to this new technology. Included are cryptocurrencies, notably bitcoin, that are becoming mainstream and are fast becoming a new asset class for investments. Investment funds are seeking ways to invest in this category and, indeed, products are being introduced to fill this need. We agree totally, this is a HUGE new market. (Bill Taylor/CEO)
“In May of 2010, someone on a Bitcoin forum by the name of Lazlo claimed to have bought two pizzas for 10,000 bitcoins. It was the first time anyone had purchased anything with the new digital currency, which at that time was valued at practically nothing.
Today, the cryptocurrency market is worth nearly $19 billion and those 10,000 bitcoins would be worth more than $10 million. Most of the cryptocurrency market is in Bitcoin, followed by Ether, the currency used by the smart contract platform Ethereum. Now tech giants, like Microsoft, IBM and Amazon, as well as major Wall Street banks, including JPMorgan Chase and Citigroup, are investing in blockchain technology, the underlying class of technology that started with Bitcoin. Infosys, TCS, HCL, and Accenture are working on blockchain-based products for banks as well.
With the new year, everyone is wondering what’s to come in the next chapter. Based on my work in the field, here are five predictions on major trends in cryptocurrencies for 2017.”