Bittrex will allow investors to buy cryptocurrency with US dollars
Investors now have a new opportunity to buy cryptocurrencies in US dollars.
Bittrex, a Seattle-based cryptocurrency exchange, has reached an agreement that allows investors to buy digital coins in US dollars. In the past, only coins traded on Coinbase, a digital currency in California, could be bought in dollars. That’s a fraction of the approximately 1500 digital coins floating in the cryptocurrenices universe.
To buy the other coins, investors first had to convert their money into Bitcoin. Now they have Bittrex.
Founder and CEO Bill Shihara told CNBC that the goal was “to expand to as many markets as possible on Bittrex,” he said on Friday “Fast Money.”
“As well as expanding it, every customer on Bittrex will be able to access the US dollar trade,” he said.
The exchange could even help to move the market. Since so many coins could only be purchased through Bitcoin, the value of Bitcoin and many other digital currencies correlated closely. The value of these crypto units may now begin to decouple from Bitcoin, Shihara said, as more investors trade in dollars.
Currently, nearly 200 different digital coins can be traded on Bittrex. The CEO said that a “small, select number of startup partners” works with the stock market to pay in dollars.
“At this stage we are testing our system,” he said. “We work closely with the banks to make sure they can process the FIAT deposits and withdrawals, and the engine we trade with will be able to handle the cargo properly.”
Cryptocurrency remains largely unregulated in the United States, causing many financial institutions and investors to be cautious about the coins in a landscape of widespread fraud and counterfeiting ICOs. Other traders have searched foreign markets to invest in digital assets such as Bitcoin.
Kraken Daily Market Report for 03.06.2018
KRAKEN DIGITAL ASSET EXCHANGE
$139M traded across all markets today
Crypto, EUR, USD, JPY, CAD, GBP
Apple co-founder Steve Wozniak hopes Bitcoin becomes the single global currency
Twitter CEO Jack Dorsey recently said he believes bitcoin will become the single global currency, something that Apple co-founder Steve Wozniak hopes will happen.
“I buy into what Jack Dorsey says, not that I necessarily believe it’s going to happen, but because I want it to be that way, that is so pure thinking… Bitcoin is mathematically defined, there is a certain quantity of bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving, that to me says something that is natural and nature is more important than all our human conventions.”