BTCUSD Bitcoin

Bitcoin Global News (BGN)

December 04, 2018 -- ADVFN Crypto NewsWire -- As a mesh of seemingly unrelated technologies, processes within the foundation of Bitcoin have spawned an entire industry referred to as blockchain technology. The applications for its method of storing and transferring data across public networks seem to be never ending, as startups continue to push new possibilities and gain funding for further development.

Earlier this summer PwC global consulting firm released the results of a 600 person survey. They questioned executives around the world about blockchain technology and found that the interest in the technology by industry is extremely unbalanced. The question of which industry is leading the way in development of the technology highlights the disparity:

• 46% Financial Services

• 12% Industrial products and Manufacturing

• 10% Energy and utilities

• 8% Healthcare and Government

Yet, viable exchange traded products based on cryptocurrencies are still being rejected by governments around the world. Bitcoin has been actively traded since 2008, with financial firms around the world attempted to create cryptocurrency-based exchange traded products since 2014.It’s possible that the more telling percentage is 8% Healthcare and Government. Because governments are lagging behind private companies, the novel financial products cannot be implemented until they catch up.

Switzerland Leading The Way

Governments everywhere continue trying to grasp the new technology, with many European countries showing progressive development. The next steps are to effectively implement regulatory frameworks to maintain the positive applications of the technology without the potential negatives. Switzerland to be a forerunners in this space, and would have been an obvious bet for the home of the first cryptocurrency-based ETP.

The country recently finished up testing a blockchain system to increase efficiency of their national rail system. This highlights the growing comfort with blockchain and cryptocurrencies, and their government as one of the few that supports technological leadership in that 8%.

Amun AG’s HOLD Index

While recently, a group of Bitcoin and other cryptocurrency related ETPs have been rejected by the government in America, Switzerland’s SIX Swiss Exchange will now host the world’s first “index” style cryptocurrency ETP. They are the world’s fourth largest exchange by a market cap value of  $1.6 trillion. Listed with the symbol HOLD, the ETP is a basket of the top five coins by market cap - Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), with BTC accounting for the majority of value, XRP 25.4%, ETH 16.7%, BCH 5.2% and LTC 3%.

By: BGN Editorial Staff