One of the biggest bulls in bitcoin is working with an unlikely partner to create a new cryptocurrency price index.
According to CCN, billionaire Mike Novogratz and Bloomberg LP are launching a new Bloomberg Galaxy Crypto Index (BGCI) service. The goal of the Bloomberg Galaxy Crypto Index will be to track the aggregate performance of some of the more popular and higher market cap cryptocurrencies.
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies,” said Alan Campbell, Global Product Manager for Bloomberg Indices. “The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
At launch, Bloomberg Galaxy Crypto Index will track ten cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Litecoin (LTC), Dash (DASH), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC).
According to Novogratz, the goal of the move is to bring unprecedented transparency to the crypto markets.
“The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. We are excited to help drive the decentralized revolution forward through the creation of BGCI,” said Novogratz.
The move may come as a surprise to some, given Michael Bloomberg’s previous stance of actively calling out Bitcoin and rallying against it.
This is the latest in a series of financial institutions linking themselves to the Bitcoin and cryptocurrency movement. The last few weeks has already seen announcements from Goldman Sachs, NYSE, Nasdaq, and more.
With things seeming to be turning around for the cryptocurrency market, another run in the price of Bitcoin or any of the altcoins could create even more incentive for financial institutions to jump on board.
Is the BGCI a true sign of crypto adoption taking place in the financial sector, or are they just preparing to capitalize on the next price surge? Only time will tell.
