As we have noted, the argument for or against Bitcoin comes down to future prospects for legitimacy as a currency system. The “store of value”, “speculative asset”, and “diversification” arguments are all second-order pathways contingent upon its ability to establish itself as a legitimate, mainstream medium of exchange with widespread network-effect legitimacy. But, ironically, that legitimacy may ultimately depend on its acceptance in financial asset terms. Hence, the future is looking pretty bright today as the odds of that acceptance appear to be back on an upward trajectory as the CBOE Global Markets Inc. disclosed this week that it is seeking approval to list and trade shares of what could be the first Bitcoin exchange-traded fund in the U.S., according to a regulatory filing that hit on Monday.