The federal reserve remains one of the biggest financial institutions in the US. Providing real time data to investors around the country, one state has decided to step up to the ever evolving financial landscape. Deciding to add crypto the St. Louis Federal Reserve will be adding bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC) price indexes.
The St. Louis Federal Reserve will be providing investors with data since 2014 as data will be supplied by the cryptocurrency exchange Coinbase. Updates to the ticker will be made 5pm PST daily allowing offline investors greater resources.
“Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange,” he said.
Furthermore, James Bullard emphasized the future of crypto as bright with crypto gaining traction, the governor also believes even traditional financial markets and institutions will be affected. Despite the praise heaped on cryptocurrency, Bullard also pointed out to the reawakening of “non-uniform currency systems”. While crypto may be decentralized and global, the sheer number of cryptocoins in existence has some questioning the private and exclusive nature of some coins.
On the other hand, not all states have been as receptive of crypto as St. Louis. The Minneapolis Federal Reserve remained conservative on its outlook of bitcoin as the president Neel Kashkari predicted that blockchain technology would see greater adoption and value in the coming years rather than just bitcoin and other tokens. The Federal Reserve Bank of Atlanta also criticized crypto as Raphael Bostic, warned of the dangers of investing into current crypto markets which he believes are “hype driven”.
To conclude, the St. Louis Federal trade reserve is set to add crypto tickers to their current ticker offerings.