Justin's note: Today, I'm handing the reins to my good friend Nick Rokke, lead analyst for The Palm Beach Daily. His recent essay on bitcoin is so good, I had to share it with you right away.
As Nick explains below, we'll soon know the true price of bitcoin. Read on to see why this is important, and what you should be doing today…
By Nick Rokke, analyst, The Palm Beach Daily
Bitcoin is in its worst bear market since 2014…
The world's largest cryptocurrency has dropped nearly 85% since trading at an all-time high near $20,000 in December 2017.
But that crash isn't scaring everyone away… The world's second-largest stock exchange still plans to launch bitcoin futures contracts early next year.
According to recent reports, Nasdaq is still working with regulators to introduce new crypto products by the first quarter of 2019, despite the weak crypto market over the past year.
Nasdaq will join the world's largest exchange operator and owner of the New York Stock Exchange (NYSE) – which will launch its own physically delivered bitcoin futures exchange on January 24, 2019.
Whether you're a crypto skeptic or believer, this is bullish news for cryptocurrencies over the long term.
It bears repeating: The world's two largest stock exchanges are still on board with bitcoin – despite its recent crash.
Nasdaq and the NYSE didn't become the top two global exchanges by offering products their clients didn't want, either. Their institutional clients are demanding crypto products. Otherwise, they wouldn't put their money and reputations on the line.
Nasdaq and the Intercontinental Exchange (ICE, the owner of the NYSE) are laying the groundwork for institutions to make crypto investments.
When these institutions enter, they won't just send a trickle of money into this market… they'll send a flood. And that will be great news for all crypto holders.
But there's another important thing institutional investors will give bitcoin: a true measure of its value. More on that in a moment…