Wall Street propelled Bitcoin prices to record highs

Bitcoin

In recent days, Bitcoin climbed to record highs as Wall Street charged to catch up with the growing trend for the digital currency.

There had been good and bad reports for the Bitcoin on Wall Street. The bad news dated back in early October when prominent banks had a lot of poor things to say about the people’s currency. Like the claim that Bitcoin was a fraud and a currency that is destined to burn out.

However, beginning last week, the good news started to pour in when a number of hedge funds declared that they were investing in the digital currency. The good reports persisted this week with the proclamation by the CME that it will start trading Bitcoin futures.

As of 4:30 pm of the 1st of November, these developments meant that Wall Street is starting to acknowledge Bitcoin as an investment, and is producing the tools and mechanisms for wider market participation in it.

With regard to marketing, a wider market participation means that Bitcoin will evolve from the “innovator” and “early adopter” level in the Roger Curve, to the “early majority”.

When speaking in finance terms, the broader market Bitcoin will eventually offer means higher Bitcoin prices, particularly since Bitcoin is in limited supply.

However, the finance and marketing of Bitcoin market are unconstrained from each other. The quicker Bitcoin receives acceptance by the early majority, the higher the Bitcoin prices ascend.

This would mean that the higher the Bitcoin prices climb, the greater the hype for digital currency, attracting large numbers of the early majority into the Bitcoin party.

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