In BriefSince bitcoin first started drastically increasing in value, fears spread that the bubble would soon burst. In what investors may see as a boost to cryptocurrency's legitimacy, three other cryptos have now been added to Bloomberg's terminal service.
Bitcoin is no longer the only cryptocurrency on Bloomberg’s terminal service. According to a Fortune report, ethereum, ripple, and litecoin will be added to the roster, intended for foreign exchange traders looking to branch out.
This incorporation is happening, as some suggest, as a result of bitcoin’s meteoric rise within the past year. Both in popularity and value, Bitcoin has exceeded many expectations and predictions that the “bitcoin bubble” would burst.
— Lily Katz (@LilyKatz) December 14, 2017
Now, mainstream investors are starting to feel comfortable with investing and exploring cryptocurrencies. And, while Bitcoin is leading the pack, there are other cryptocurrencies, like the three added, that are also finding success.
Compared to bitcoin, ethereum has a different primary purpose. The platform on which it runs is not created as a payment alternative, but aims to facilitate and monetize the circulation of tokens to enable developers to build and manage distributed applications.
Litecoin is meant to work as an improved clone of bitcoin, while ripple provides blockchain technology to banks, also allowing its currency to circulate on the market.
Bloomberg’s terminal service is used by major banks and investment houses worldwide. Its acceptance of four total cryptocurrencies says a lot about their legitimacy. Initially, crypto garnered suspicion and dismissal from many who saw it as a passing phase. And even now, many consider the success of crypto-giants like Bitcoin to be a growing bubble, bound to burst at some point in time.
The “seal of approval” provided by the addition of these cryptocurrencies to Bloomberg’s terminal could open up new possibilities for cryptocurrencies as a whole. More major players might now feel comfortable investing in crypto other than just bitcoin.
And because the popular digital currency has become so expensive in recent months, a portfolio of alternatives whose value is growing but are still affordable means that more investors may get involved.
Although the addition of new cryptos to a mainstream currency listing such as Bloomberg’s may not seem a significant milestone, it signals that crypto has the potential to attract a growing number of investors beyond the tech enthusiasts.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.