It is finally here, the first snowball in an avalanche of Crypto adoption by the traditional finance world. Or is it? Yesterday, it was announced that Yahoo Finance will now allow trading between traditional currencies and Bitcoin, Ethereum, and Litecoin.
Crypto Twitter is apparently already abuzz with claims suggesting that this is the first major step towards a wider level of adoption by those who have consistently been entrenched against Crypto’s rise.
Cointelegraph quoted Anthony Pompliano, who is a well-known figure in the Crypto space, as saying, “the virus is spreading.” In his case, this is one of his often used quotes that is meant to suggest that we are continuing to move in the right direction towards Crypto being a normal part of our everyday lives.
As to Yahoo Finance’s personal motivation for this course of action, especially now with the market being very low compared to the end of last year, the answer could be because Yahoo Japan reportedly plans to open a cryptocurrency exchange in 2019.
Still, if this were true, then why enable trading globally and not just in the areas that will be served by the future crypto exchange? The fact that everyone who uses Yahoo Finance should be able to trade in Crypto actually seems to hint at some sort of master plan for Yahoo’s future spot in the Blockchain future.
As of now, there is not a lot of evidence as to what this could be beyond the Crypto projects that they currently support as well as this future Japanese exchange.
One could possibly surmise that they aim to compete with Coinbase on some level due to their currency choices being the same as Coinbase’s original currency choices. On the other hand, this could simply be a measure to minimize the risk of an already volatile investment, as much as possible.
As the news unfolds, a good place to start might be to keep a close eye on all of Yahoo’s Crypto related updates until more announcements are made.
By: BGN Editorial Staff