Yesterday, Raoul Pal said he thought Bitcoin could be worth as much as $1 million against the US dollar.
It was one of the most bullish forecasts imaginable for the world’s favourite cryptocurrency and it’s had an impact by driving the price up 10% in the past day or so to $428. It even looks like it might be about to test, perhaps even break, its 12-month downtrend.
But it’s been a rocky ride for Bitcoin traders over the last 12 months.
Price spiked from the $200-$300 region all the way to more than $1,100 against the US dollar as Bitcoin made an almost complete round trip, with a low just above $320 in the past month.
Not only did the price bubble and then collapse but the world’s biggest Bitcoin exchange, Mt Gox, also collapsed earlier this year.
It was enough to drive Bitcoin from the headlines and back underground.
But that might be about to change with the launch by IG Markets of a tradeable Bitcoin CFD.
It’s just one more instrument added to IG Markets’ stable of 10,000 products you can trade on their platform but it’s the kind of step, if other online trading brokers follow en-masse, which could be exactly what Bitcoin needs to go mainstream.
First with traders and then, perhaps, the wider community.
Tamas Szabo, IG Markets’ head of Asia Pacific, told Business Insider that IG had gone down this route because they felt there was demand from traders who were uncertain where or how to trade Bitcoin.
IG has launched a Bitcoin CFD which can be traded against the US dollar and other major currencies like the pound, euro, yen and Chinese yuan.
The key for myself and many other traders is that access to a regulated broker is a game-changer. No longer the hassles of a Bitcoin wallet or Bitcoin exchange of dubious origin and life cycle.
The next step, perhaps some time away, is a reputable firm and/or a bank dealing out actual Bitcoins and a Wallet.
That would be seriously mainstream.
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