NYSE declares bitcoin "emerging ASSET CLASS"

[Possum577]

http://www.coindesk.com/new-york-stock-exchange-launches-bitcoin-price-index/

Is it a currency? Is it an asset class? The NYSE sees it as an asset class. Interesting news, not to mention that they NYSE is establishing a ticker to track the BTC/USD price. There's some big money being put into bitcoin, like serious big money from very reputable people in finance.

This is about to get exciting...

[username18333]

If your "big money" asserts that bitcoin (and, perhaps, by extension, all cryptographic currencies) is an asset, it'll be as much a money as gold and silver (currently) are.

[coinableS]

Hrmm is this going to lead to the whole tracking every time your spend or receive for tax purposes? Selling an asset is different than using a currency but bitcoin is different. As Gavin mentioned on the interview on 5/19/15 you can't pigeon hole bitcoin into a single category that we are already familiar with like an asset class or a currency. Bitcoin is completely different than we have ever seen before so it should be it's own class/category. What? We don't really know yet.

[username18333]

As Gavin mentioned on the interview on 5/19/15 you can't pigeon hole bitcoin into a single category that we are already familiar with like an asset class or a currency.

Gavin Andresen isn't a "Wall Street fatcat" (as the derogatory colloquialism goes): he doesn't move - let alone make - markets.

[Amph]

asset class suits more to the meaning of what bitcoin could be really, classified into something, but if everyone begin to see it as a different thing, it may bring some confusion

i like how they will expand their index to others exchange, from the news you can also snatch that they are building the infrastructure for bitcoin and not investing in bitcoin itself

this is why the price has not yet lifted

[qiwoman2]

I think for now BTC is more in the asset class than expenditure class although now big spenders in bitcoin are even buying other assets like houses and apartments and luxury goods..especially those that made a killing from it like the early miners and adopters.

[cellard]

I don't care what they classify it, as long as you don't have to pay VAT for every damn transaction you made.

[Q7]

When we are talking about assets, we are talking about cash equivalents where we can convert and liquidate it as and when we need it but however in bitcoin, we are already referring to a currency which we can use to purchase and trade for items. Eventually it all depends on how we look at it and in time, I think it would be clearer to define as adoption rate goes up.

[johnyj]

This kind of asset is very different than traditional asset, governments and banks have almost no control of its location and flow, a Swiss bank in cyberspace

[SRG]

I think this is borderline good news, but the core problem will be that in the US, you'll still have to treat every transaction as a taxable event and record either gains or losses.

[RodeoX]

Words, words, and more words. If I asked my dentist she would say bitcoin is a kind of tooth. lol

[mrhelpful]

Words, words, and more words. If I asked my dentist she would say bitcoin is a kind of tooth. lol

Wait what? Are you saying bitcoin feels more of a physical asset or that bitcoin is just a pain to even determine where it falls under all of these categories.

As for the asset class, I would consider it - if it falls on the same with gold.

[Pab]

 propably thay have to give some definition to bitcoin
bitcoin is emerging for sure,asset not so much

maybe alternative emerging technology asset

[techgeek]

I think if anything its the blockchain is what they want more then anything.

Rather then the whole bitcoin scene, like they want to use it for something I feel.

[melody82]

This is an interesting development.  I agree that it appears to be more of an asset then a currency right now.  I think prices have to stabilize before people seriously start using it as a currency.

[Possum577]

As Gavin mentioned on the interview on 5/19/15 you can't pigeon hole bitcoin into a single category that we are already familiar with like an asset class or a currency.

Gavin Andresen isn't a "Wall Street fatcat" (as the derogatory colloquialism goes): he doesn't move - let alone make - markets.

Of course not, but very few Wall Street pundits do. This guy is a consultant - he's paid to know how business works and to have an opinion. I don't think his lack of material influence on the BTC market should discount his opinion on where the market is going. In fact, I think his lack of influence over the market keeps his opinion objective and valued. He can't gain much by trying to move the market because he's not big enough to be a market mover.

[RodeoX]

Words, words, and more words. If I asked my dentist she would say bitcoin is a kind of tooth. lol

Wait what? Are you saying bitcoin feels more of a physical asset or that bitcoin is just a pain to even determine where it falls under all of these categories.

As for the asset class, I would consider it - if it falls on the same with gold.

I guess I just think it's funny how many definitions there are. Some say it's a currency, an asset, a ... It may be all those things? For me it is what it is, it's bitcoin.  Or maybe it's "just a pain to even determine", as you point out.

[username18333]

[Gavin Andresen] can’t gain much by trying to move the market because he’s not big enough to be a market mover.

However, the NYSE very much is “a market mover” (Possum577), and its “material influence” (Possum577) has reiterated that bitcoin is an “asset class” (Possum577).

[mrhelpful]

Words, words, and more words. If I asked my dentist she would say bitcoin is a kind of tooth. lol

Wait what? Are you saying bitcoin feels more of a physical asset or that bitcoin is just a pain to even determine where it falls under all of these categories.

As for the asset class, I would consider it - if it falls on the same with gold.

I guess I just think it's funny how many definitions there are. Some say it's a currency, an asset, a ... It may be all those things? For me it is what it is, it's bitcoin.  Or maybe it's "just a pain to even determine", as you point out.

Haha yeah. But, i really wish sometimes it can be in the 1% of a huge category already.

Even if its looked bad for black market, atleast then we can have some solid price holds right? I dont know I read on someones view any of the billion dollar market.

https://bitcointalk.org/index.php?topic=1066414.0

[EternalWingsofGod]

There are a lot of words over what Bitcoin is and no real consensus
At the least an asset class sounds reasonable, it can act as a means of currency but retains its own value it may be a new type of asset class but it fits in that definition.