Square (NYSE:
SQ) now allow users to buy, sell and hold cryptocurrencies. In addition, the Chicago Mercantile Exchange has launched its “Micro Bitcoin” futures product to build upon a regular futures contract’s successful launch in 2017. And most recently, there are rumors that
JPMorgan Chase (NYSE:
JPM) is preparing to offer an actively managed bitcoin fund to certain clients that could roll it out as soon as this summer.
The Allure of Bitcoin
When you purchase Bitcoin, you must understand that you are buying into a concept more than a digital asset.
Due to its nature, there are some intrinsic benefits of using bitcoin over fiat currencies. Firstly, when using Bitcoin, you do not need an intermediary authority like a bank or government. You have complete autonomy over your asset. Indeed, this is one of the main benefits of using bitcoin in the first place.