Sunday, June 16, 2019

E*Trade Makes Moves That Suggest An Upcoming Crypto Venture

As the days go by, more institutions seem to be unable to resist the allure of the crypto industry. Recently, a US-based retail brokerage giant, E*trade, was seen advertising on Google for the search term “cryptocurrency trading.” Though there was zero mention of cryptocurrency or blockchain in the ad, E*Trade has followed in the steps of other big shots like Coinbase, BitcoinIRA, and Gemini in releasing suggestive cryptocurrency ads.

The Gradual Walk into Cryptocurrency

Robert Paone, an Airswap employee, and crypto Youtuber, confirmed the story about E*Trade. With such a credible personality certifying the news, it eliminates all doubts about E*Trade’s plan to launch its very own digital asset trading. In April, Bloomberg was informed via an anonymous source that E*Trade has set plans in motion that would allow its platform users to trade Bitcoin and Ethereum. The source went further to say that if the launch of the two assets performs excellently, then E*Trade may roll out more currencies in the future.

If the plans of E*Trade materializes, it would mean that more than five million investors would be able to trade Bitcoin and Ethereum on their E*Trade portals. Five million users may be a small number compared to the worldwide adoption some industry optimists visualize but as the saying goes; “Rome was not built in a day.” But one thing is sure, this will renew a lot of interest in cryptocurrencies.

Many firms are now racing down the exciting crypto-asphalt-road and one of them is TD Ameritrade, a worthy rival of E*Trade. TD Ameritrade has already developed a page dedicated to cryptocurrency on its website. The firm reportedly listed BTC and LTC as paper assets (not yet supported) on its Think or Swim trading portal. In addition, TD Ameritrade has gone into partnership with ErisX, a crypto startup.

Bitcoin Price Getting the Push It Needs

A lot of analysts are of one thought regarding the recent endorsements from the mainstream for cryptocurrency, believing that it is the needed ingredient that will catapult the price of Bitcoin to higher heights in years to come. Venture capitalist Jehan Chu, during a chat session with Bloomberg, expressed his expectations for the price of Bitcoin, which he says will be traded at $30,000, a 230% increase from its current prices.

The investor supported his prediction by mentioning the endorsements from JP Morgan, Facebook, Fidelity Investments and many more Silicon Valley and Wall Street giants for the crypto technology, as well as the fact that these companies are fast becoming a part of the industry. In his opinion, these developments will result in faster adoption.

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