Bloomberg to Benchmark Cryptocurrency
What is Bloomberg?
Bloomberg is most well known for its analytics which is provided to companies and organizations. In addition to analytics, they also offer an equity trading platform, data services, and news. Also, Bloomberg is known for its founder Michael Bloomberg, who at the time of the writing is worth 50,000,000,000 (50 Billion).
What is Bloomberg Doing with Crypto?
Bloomberg is partnering with Galaxy Digital Management, who is a crypto merchant bank, to track cryptocurrencies. Bloomberg already does analytics on stocks, now they are doing analytics on cryptocurrencies. Bloomberg reported on May 9th they will track the ten "largest" and most "liquid portion" of the cryptocurrency market. Currently, Bitcoin, Ethereum, Ripple, Bitcoin Cash, ESO, Litecoin, Dash, Monero, Ethereum Classic, and Zcash are the cryptocurrencies that Bloomberg will benchmark.
What does this Mean?
This is definitely an eye-catching move, Bloomberg is one of the top companies when it comes to analytics, and stocks in general. For cryptocurrency to be under Bloomberg's radar strength the market of cryptocurrency. Cryptocurrency is seen and accepted as an investment, Bloomberg's actions solidifies this.
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I’ve noticed more and more crypto related stories on Bloomberg.com. That’s my go to business site, and it’s a great arbiter for mainstream adoption.