NYSE CEO Regrets Not Starting Bitcoin Trade First
NYSE CEO Regrets Not Starting Bitcoin Trade First

New York Stock Exchange Chairman Jeff Sprecher said he and his exchange were “fools” to allow their competitors to beat them on the launch of a Bitkin Futurist. Ironically, the NYSE was at the forefront of Bitcoin, with its Bitcoin index introduced in early 2016.

At the sponsor conference of Goldman Sachs Group Inc. In New York in early December 2017, Sprecher admitted that their failure to track their index index Bitcoin could only be nonsense:

“We may be stupid that we will not be the first to do that … I have no answers, I would like to know … I do not know what to do about cryptocentricity.”

NYSE rivals run Bitcoin futures trading
The NYSE Rivals, Chicago Board Exchange Options (CBOE) and CME Group are expected to launch their Bitcoin Future products in December. CBOE will present its offers for the future on December 10th at 5pm in Central Time. The first full trading day is Monday, December 11th.

In the meantime, the CME Group should launch similar offers for Bitcoin on December 18th. These planned deals may be the main reasons for the extraordinary volatility that has been felt over the last 48 hours in the Bitcoin price. The price of Bitcoin jumped to new record highs and experienced record crashes as bears and bulls are on the markets.

Volatility related to uncertainty
This high volatility is likely caused by the uncertainty about how the future market will react when Bitcoin is added. These markets will allow large, especially traditionally conservative financial institutions to bet on the price of Bitcoin. While some will probably occupy large “long” positions, others will undoubtedly shorten the property that they believe is in the balloon. The futures markets will allow institutions to easily open large short positions, and there is always the possibility that some of these deep pockets will continue to affect the bitcoin market to ensure their fees are paid.

Despite the initial reaction of future markets, these events show that Bitcoin and other digital currencies are slowly but surely entering the main sector of the financial sector. The balance of financial power is gradually shifting from a historical, institutionalized environment to a decentralized and largely equal system.


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