S&P And Lukka Team Up To Bring Cryptocurrency Indices In 2021.
On Thursday S&P Dow Jones Indices (division of S&P Global Inc.) said that it will use data from New York-based virtual currency company Lukka to launch cryptocurrency indices in 2021. S&P and Lukka hope more reliable pricing data will make it easier for investors to access the new asset class.
“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.
As bitcoin continues to soar to record highs (trading at $19,300 in latest trading on Thursday) against the dollar the move by one of the world’s most well-known index providers could help cryptocurrencies become more mainstream investments.
With hedge fund managers such as Paul Tudor Jones and Stanley Druckenmiller saying they include bitcoin in their broad investment strategies and large firms including Fidelity Investments and Japan’s Nomura Holdings Inc starting to stockpile bitcoins and other cryptocurrencies for institutional investors the currency seems to be on the uptick. Additionally, major exchanges have started offering bitcoin derivatives.