Bitcoin's march toward legitimacy just took a hop, skip and jump with the news that the New York Stock Exchange is going to start monitoring its value. The NYSE Bitcoin Index (NYBXT) will keep a beady eye on how much the cryptocurrency is worth, relative to the US dollar, with the data being pulled from Coinbase. That way, investment types can get a quick read on how bitcoin is doing at any one time, with the value being updated at 11:00 AM ET each day.
Essentially, bitcoin will look and feel like any other foreign currency market on the NYSE's ticker. Investors looking to make some money can put their cash into bitcoin and hopefully take it out, when its value increases.
Those who are curious as to why the data is being pulled from Coinbase should note that NYSE made a small investment in the business earlier this year. The exchange has pledged, however, that if other bitcoin exchanges can meet its rigorous quality standards, they'll be allowed to join the index at some point in the future. Between this and the impending launch of the Winklevoss-backed Gemini exchange, it looks like New York's financial district is the place to be for would-be bitcoin speculators.