The Chicago Mercantile Exchange Group (CME) has officially announced the Bitcoin futures launch date. It will start to operate on Monday December 18, 2017.
CME Opens Doors for Big Investors
The world’s leading and most diverse derivatives marketplace, the Chicago Mercantile Exchange has announced that will launch Bitcoin futures on December the 18th. The CME Group will allow big investors to put their money in the cryptocurrency market and give an impulse to it.
“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,” commented Terry Duffy, CME Group Chairman and Chief Executive Officer.
Institutional investors are demanding for different platforms to list and offer Bitcoin and other cryptocurrencies. This year, the virtual currency market has been increasing exponentially and calling the attention of big investors. Different cryptocurrency hedge funds have been launched this year and more are going to operate in the near future.
“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,” reads the CME Group’s statement.
Bitcoin futures products will be available to be traded on the CME Globex electronic trading platform. The rate will be based on a daily rate using the USD price of bitcoin in multiple exchanges.
Other Important Institutions and Investors Have Embraced Bitcoin
Bill Miller, chairman of Miller Value Partenrs, is investing in Bitcoin with its hedge fund Miller Value Partner’s MVP 1. This important investor revealed that 30 percent of the hedge fund investments are allocate din Bitcoin. According to this company, the fund is performing very well, and as of November the 1st it has grown from 5 to 30 percent in one year.
Mike Novogratz, former ex-hedge fund manager of Fortress Investment Group has also decided to invest in Bitcoin. He has started a crypto hedge fund with $500 million dollars which $150 million of his own. He has also commented that the cryptocurrency market capitalization could reach $5 trillion dollars in the next five years. Since the beginning of the year, the cryptocurrency market has grown exponentially. In January, the cryptocurrency market value was $17 billion dollars, at press time, the market capitalization arrives at $318 billion dollars.
Furthermore, Nasdaq, one of the biggest stock markets in the world has announced that it will launch Bitcoin future in 2018. “Nasdaq’s Bitcoin contract would debut on Nasdaq Futures, or NFX, a marketplace that the New York-based exchange group launched in 2015 that until now has mainly focused on energy trading, according to the people familiar with the situation,” reads Nasdaq’s report.
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Tags:Big MoneyBill MillerbitcoinBitcoin FuturesChicago Mercantile ExchangeCMECryptocurrenciesCryptocurrencyFinancial MarketsFutures ExchangeGDAXHedge FundInstitutional InvestorsInvestorsMarketsMike NovogratzSpeculative