Panigirtzoglou explained that bitcoin has started to evolve into a major asset class with the listing of bitcoin futures by leading markets like the Chicago Board Options Exchange (Cboe) and CME Group.
That fact is that global cryptocurrency market and exchanges within it have become multi-billion dollar companies of their own, and have started to process more volumes that stock markets. Bithumb for instance, the world’s second largest cryptocurrency exchange based in South Korea, has started to process more volumes on a daily basis than the KOSDAQ, the country’s main stock market.
In 2018, with the entrance of millennials and young investors, analysts expect the price of bitcoin to reach the $50,000 mark, and become the first cryptocurrency to reach a $1 trillion market cap. The introduction of bitcoin exchange-traded funds (ETFs) by the New York Stock Exchange (NYSE) and Cboe could bring the price of bitcoin to $50,000 much quicker than the expectations of investors.