The Barrier to Entry for Fiat Dollars to Crypto Just Got Smaller
Bittrex, a long standing crypto exchange out of Seattle, has announced it will be launching trading pairs for a number of Altcoins in U.S. Dollars. Prior to this news, the only way to get altcoins was to purchase Bitcoin first, then to go buy your altcoin of choice in a BTC trading pair. Some exchanges offer Ethereum or Tether trading pairs, but this is the first time a large amount of Altcoins will have a direct method of purchase via fiat currencies.
Bitcoin’s Volume Could Suffer
If this becomes a trend amongst exchanges, as crypto continues mainstream adoption, we could end up seeing a dramatic decline in Bitcoin (BTC) volume. The market for Bitcoin has unarguably benefited from the demand of altcoin investment. Will this new wave of fiat gateways to Alts hurt Bitcoin’s prowess? That remains to be seen, but every investor knows these market forces can’t be ignored. Bitcoin would be competing for dollars on a different playing field altogether
“Working with U.S. agencies to help solve the “regulatory puzzle” of cryptocurrencies will help unlock capital”
says Bittrex Founder and CEO Bill Shihara.
Coinbase, has up until this point, been the major gateway for crypto investors to get dollars into the cryptosphere. Will this give the Bittrex exchange a new advantage? They could definitely see a surge in volume following implementation this new feature.
Bill Shihara told CNBC that the goal is to
“expand out to as many markets as possible on Bittrex,”
he said on “Fast Money” Friday.
“As well as expand it so that every customer on Bittrex will be able to have access to U.S. dollar trading”
This new development could be the type of thing that starts a flood of new capital into the crypto market, thing are going to get interesting in the coming few years.