The S&P Dow Jones Indices, a division of financial data provider S&P Global Inc, will become the latest major financial company to launch cryptocurrency indexes in 2021, as it takes a step into the digital asset industry.
According to reports by Reuters, the index will include a measure of performance of the top 550 cryptocurrencies by market cap, led by Bitcoin (BTC).
Once launched, S&P clients will be able to create customized indexes and other benchmarking tools on cryptocurrencies as adoption o f the digital asset soars.
Speakin on the venture, Peter Roffman – head of innovation and strategy at S&P Jones noted:
“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable, and user-friendly benchmarks.”
S&P says it believes cryptocurrencies will become mainstream investment assets on the launch of its indices in 2021…A Big Win For Crypto On Wall Street.
This latest news joins a host of bullish moves by major financial players in recent weeks on the potential of Bitcoin and cryptocurrency in general.
With BTC returning over 170% on investment in 2020, the leading asset is attracting interest from large financial companies this year.
Notable companies and institutions which have expressed bullishness on Bitcoin’s potential include Square Inc, PayPal, Fidelity Investments, Grayscale, MicroStrategy, Blackrock, and a host of others.
What does the influx of institutional money and interest mean for Bitcoin (BTC). Are you bullish? Let us know in the comments.
