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Reasons why Bitcoin could be the next instrument VIX

VIX is also known as the CBOE VIX or the fear factor or the fear guage. It is used in the stock exchange to determine the performance of a stock within a 30 days duration. Its real data was first provided by the Chicago Board Options Exchange in 1993, though it was formulated in 1986 by Menachem Brenner and Dan Galai. It is used in banks in financial planning. Presently, in the cryptocurrency community, the only one that could be likened to VIX is Bitcoin(btc). The reasons why this is so are:

1)    The majority of the market acts in its direction: towards the end of 2017 when the market for Bitcoin was extremely bullish, it was discovered that most part of the market followed its direction. Also, around early Jan 2018 when the value of BTC was bearish, the entire market also followed its trend and began to reduce in value through the first quarter of 2018, till Bitcoin started to gain in the second quarter of 2018.

2)      It can behave against the market: Bitcoin has the tendency to act in the opposite direction when the major cryptocurrency are acting in other directions. This could be seen few days ago when the market was losing by Bitcoin was the only top coin that was bullish. This ability to act independently is one of the factors for an instrument to be taking as a volatility index.

3)      Most investors move in the direction of bitcoin: it is worthy to note that bitcoin(BTC) is now used in determining the health and temperature of the market. Most investors study and analysis the performance of bitcoin to know if they will be investing in an asset. This had enabled majority of the investors who take this measure to reduce the risk of losing their capital and be in the part of gaining from their cryptocurrency assets.

4)      Change can happen again: before CBOE VIX was adopted as the instrument in knowing the volatility index of the stock market, VXO was then used. Hence, the rapid adoption of cryptocurrency in Europe and America could give a possible rise in this option , since their stock exchange are the leading ones in the stock market.



Finally, we should expect a rapid growth in cryptocurrencies once this decision is taking for bitcoin to be used as banking volatility index(VIX).

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