"The criticisms in the past have dried up - it is no different from any new technology. It can be used for good or for bad - the same as with the internet in the 1990s and so it cannot be seen as a headwind for adoption."
Developments
In October, the US Securities and Exchange Commission gave the green light to the ProShares Bitcoin Strategy ETF.
This is the first US bitcoin futures-based exchange-traded fund, and for many this was seen as a turning point for cryptocurrencies when it began trading at the end of October.
But the SEC drew a line in the sand just a few days later, refusing to authorise a leveraged ETF fund tracking a basket of synthetic crypto assets.
This suggested it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, reducing gearing risk on what many see as an already risky emerging asset class - and which some see as pure speculation.
Yet with currency trading site Forex Suggest predicting that, by 2024, cryptocurrencies Bitcoin, Etherium and Dai are on track to break into the top 10 best performing assets in terms of market capitalisation, crypto is not something that can be dismissed easily.
According to Forex Suggest, Bitcoin is projected to be the 5th strongest performing asset by 2024 with an estimated market value of over $5trn thanks to its 103.5 per cent average annual growth rate.
This means it would outstrip Microsoft, Amazon and Toyota in terms of market capitalisation.
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