Last week was a big one for bitcoin.
The cryptocurrency went a long way toward developing its Street cred with two major announcements.
On the consumer side, Square, the small business payment systems company, is now beta testing some bitcoin transactions.
And on the institutional side, the CME, which is the world’s largest futures, options and derivatives exchange, plans to begin trading bitcoin futures in early December.
What set the financial world agog is the blockchain technology that supports bitcoin and other cryptocurrencies. While JPMorgan chief Jamie Dimon slammed bitcoin, he had praise for the technology.
I had the opportunity to speak with Brad Levy, the CEO of MarkitSERV and someone whom I hold in high regard.
Levy, who Institutional Investor referred to as one of “the world’s most powerful trading executives,” says “Blockchain is a type of distributed ledger technology, and bitcoin is only one use of blockchain.”
“Essentially, the blockchain is a form of plumbing behind cryptocurrencies. It’s really about the future of conducting commerce efficiently and safely,” Levy added.
On bitcoin’s success, Levy compares it to the internet of the late ’90s.