Bitcoin: An Extraordinarily Scarce Commodity – Bitcoin USD (Cryptocurrency:BTC-USD)

Source: Hacked.com

The debate about what Bitcoin (BTC-USD) actually is from the U.S.’s regulatory standpoint is finally over. The Commodity Futures Trading Commission (CFTC) recently officially classified Bitcoin as a commodity, which essentially means it assumes regulatory responsibility over the digital asset.

So, why is this significant you ask? Well, now that Bitcoin is officially classified as a commodity, it is likely only a matter of time before various Bitcoin-backed ETFs and Bitcoin-related ETNs are introduced by various instructions. This should enable Bitcoin to become a widely traded investment vehicle on a worldwide scale.

Moreover, there are not that many Bitcoins around relative to other commodities, and its supply is ultimately capped at just 21 million. Additionally, unlike other commodities, Bitcoin can be used as a currency globally. Therefore, as worldwide popularity and demand accelerates, Bitcoin’s price is very likely to go much higher over the next few…