CME Launching Bitcoin Futures
On December 1st, CME Group, which ranks among the world’s leading derivatives marketplaces, announced that as of December 18th they would be self-certifying the initial listing of its Bitcoin futures contract. According to CME, the new contract will be listed on and subject to the rules of CME making it available for the first time on CME Globex electronic trading platform. Since November of 2016 CME Group alongside Crypto Facilities Ltd. have published the Bitcoin Reference Rate (BRR) which has served as a daily reference for the value of Bitcoin in US dollars.
This is significant because the CME Group is the leading derivatives marketplace. It is one more leap forward in the legitimization of cryptocurrencies and blockchain technology as a significant asset class for serious investors. This has been an incredible departure from the ugly press surrounding the Silk Road and other underground internet usages. Bitcoin and cryptocurrency, in general, has introduced the world to a new technology and that technology are proving to be every bit as disruptive as the advent of the very first currencies.
CME Group Chairman and CEO Terry Duffy had this to say about the event:
“We are pleased to bring Bitcoin futures to market after working closely with the CFTC and market participants to design a regulated offering that will provide investors with transparency, price discovery, and risk transfer capabilities. Though we have worked through a lengthy, comprehensive process with the CFTC to get to this point, we recognize bitcoin is a new, uncharted market that will continue to evolve, requiring continued collaboration with the Commission and our clients going forward. “
As the value of Bitcoin rises, and blockchain technology finds new and disruptive applications, it seems likely that Bitcoin and other cryptocurrencies are going to become more and more relevant to the present and future economy.
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