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Adjustable futures markets provide bitcoin legitimacy



A strategist of global markets JP Morgan made a note that regulated futures could give legitimacy Bitcoin.



02.Dec.17 10:50 AM
By Daria Zaytseva
Photo Toinnov.com

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Adjustable futures markets provide bitcoin legitimacy

The decision of the U.S. regulatory authorities to allow Bitcoin futures to trade on the Chicago Mercantile Exchange (CME) has pushed Bitcoin to main finances. CME received regulatory approval after self-certification, assuring the American CFTC that the products will comply with existing legislation. This step could allow financial institutions with limited powers to participate in Bitcoin.

Nikolaos Panigirtzoglou, JP Morgan's global markets strategist, also believes that this move could give legitimacy to Bitcoin.

“The proposed launch of Bitcoin futures contracts with the help of established exchanges, in particular, can add legitimacy and, thus, increase the appeal of the cryptocurrency market to both retail and institutional investors”, he said in an address to investors.

CEO Jamie Dimon has strong views on Bitcoin: he believes that the currency is a fraud and has even threatened to fire anyone who is "stupid enough" to buy it. He said that governments will close Bitcoin and that the currency is in a bubble that will destroy investors.

Dimon is not alone in his views - other titans, such as Warren Buffett, have said that Bitcoin should be avoided. Nevertheless, that has not stop the price of the currency from climbing to new levels.

Despite Jamie Dimon's views against Bitcoin, JP Morgan seems to be using most of the opportunities associated with currency’s growth. The comments made by Jamie Dimon against Bitcoin led to a drop in its price, which coincided with the purchase of JP Morgan units in the Bitcoin-tracker fund. This has led to the case of the manipulation of the market against Jamie Dimon in the Swedish court. After CME announced the launch of Bitcoin futures, JP Morgan surprised observers by announcing that it could add Bitcoin futures to its own list of offerings.




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