Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, institutional interest is quantified in Thomson Reuters survey while regulatory clarity continues to progress with commentary by industry experts.
Weiss Ratings, one of the first digital asset rating agencies, downgraded Bitcoin from B- to C+. Citing a growing number of competitors that overcome Bitcoin’s short comings. The group sees Bitcoin’s first mover advantage providing support for its longevity.
Gary Gensler, former chairman of the CFTC, spoke at a blockchain conference at MIT of his beliefs that Ether & Ripple may be classified as securities. The two digital currencies have a common enterprise that may benefit contrasted with Bitcoin that does not.
Thomson Reuters has published a survey of over 400 institutional clients that indicate 1 in 5 are looking to begin trading digital assets within the year. Of those indicating interest 70% are interested in taking on exposure in the next three to six months.
The country uses the US dollar as a its official currency but is exploring the launch of a digital currency in parallel. It will be called the Sovereign (SOV) and is supported by the government.
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