The NYSE today launched its own Bitcoin Price Index (NYXBT) further adding to the credibility and acceptance of the digital currency.
NYSE Group president Thomas Farley commented that “Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class,” in a prepared statement.
The data for the index will initially be provided by a single source, Coinbase, the 6th largest exchange in terms of volume. This lack of depth may initially hamper acceptance of the index as a core pricing mechanism but NYSE have stated that other exchanges will be added as they become certified.
The addition of this index from a major exchange further validates Bitcoin and makes it increasingly difficult for banks and institutions to continue to ignore this growing marketplace. The index is denominated as the dollar value of a single bitcoin.