Bitcoin has the potential to reach more than US$1.5 Billion as an exchange market. Don’t take our word for it. The Bank of America Merrill Lynch (BAML) has said this. They suggested that the CBOE Global Markets, Inc. has had a high appetite for cryptocurrencies – this also means that CBOE will most likely get the early bird winnings in a scenario that revolves around the exchange traded funds (ETFs).
Bank of America Shares its Optimism with Others
Bank of America along with a few others is bullish about the cryptocurrencies market. It estimates, with some assumptions thrown in, that the overall size of the foreign currency exchange market, or “FX” for short, has a total volume of around US$1.65 trillion. With such a large estimated volume, it is easy to see how this market leaves a large impact in its wake. The nature of the trading that happens in the FX markets seems like a match made in heaven in terms of the support for bitcoin and other cryotocurrencies.
These FX markets make 24 hour trading days possible and they are decentralized as in no single body in particular can influence the entire volume of currencies being traded here. That’s why bitcoin is such a perfect fit for these FX markets with its growing value and all. Bank of America Merrill Lynch estimates that if bitcoin can even capture just 10% of this whole foreign exchange market, it can reach an all time high of US$1.65 Billion quickly and with relative ease.
BAML’s statement to Business Insider quotes that is the volumes were to be reached, then given that the “same relationship between spot market and futures, and the same revenue per contract” prevails, the revenues could reach “around US$1.6 billion.”
Cboe stands to reap the immediate fruit if these volumes and revenue streams are established due to its confidence in the cryptocurrencies.
Cboe to Make Money if Volumes and Revenue Streams Established
Cboe initially began to offer staunch support for the cryptocurrency markets when they decimated the Bats Global Markets in part, just so that Cameron and Tyler Winklevoss (founding members of Facebook with Mark Zuckerberg) could get into the mainstream trading of cryptocurrencies.
The Securities and Exchange Commission scrapped this deal. Arther Levitt said that SEC doesn’t have the gumption to take on something as complex as bitcoin.
If you want to get started before the rest of the crowd, I'll show you what I'm doing to not only invest in Bitcoin, but passively multiply it as well. For more information
Watch This Video<<