Virtual currencies have been gaining popularity among venture capitalists and financial market members from different parts of the world.
Today Bloomberg announced in its blog that it will start providing Bitcoin pricing to more than 320,000 subscribers via its Bloomberg Professional service. The service will allow its users to chart and monitor data from
Kraken, a bitcoin exchange, and a Bitcoin payment processor Coinbase. Moreover the users will be able to check the virtual currency news and related social media posts, as the service will track the information from over 100,000 sources.
To use the service is pretty simple, all you need is type VCCY<GO> on the Bloomberg Professional service.
The Wall Street Journal said that Bloomberg’s decision to list bitcoin pricing as a “key stamp of approval”. Furthermore, the move will surely be apreciated by members of the bitcoin community. Nevertheless, Bloomberg mentioned that there are different thoughts on bitcoin:
“Everyone from Warren Buffett and Marc Andreessen to the Winklevoss twins and the Internal Revenue Service has opined on the viability of the digital currency. Depending on your vantage point, bitcoin may be the biggest technology innovation since the Internet or a fad whose crash will be as precipitous as its meteoric rise.”
Though bitcoin experienced noticeable breakdowns, the bitcoin is popular and has a high level of interest all over the world. Bloomberg stated:
“It’s worth noting that we are not endorsing or guaranteeing bitcoin, and investors cannot trade bitcoin or other digital currencies on Bloomberg.”
Bloomberg said its decision to start providing information about a controversial market like bitcoin was prompted by several reasons. One of the reasons why Bloomberg decided to provide information about bitcoin is that the company can help foster innovation.
“While bitcoin and other virtual currency markets are still nascent, they represent an interesting intersection of finance and technology. Given that Bloomberg sits squarely at that intersection, providing pricing for this underdeveloped market is a natural fit for us,” Bloomberg specified.
Another reason is that Bloomberg hardly responds to the client demand. The interest of Bloomberg clients is increasing in digital currencies, as a matter of fact users want to keep track of the developments in these emerging markets.
Bloomberg made a few statement in its announcement, saying that the global interest in virtual currencies has certainly increased, but it is still just a fraction of global fiat currency usage. Moreover the government reactions to digital currency has been different in different countries as well as an unclear regulatory environment.
“While bitcoin has thus far survived intense media scrutiny, scandal and wild price swings, there certainly is no guarantee that bitcoin will persevere,” the company said.