Bitcoin background

Bitcoin background

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You have successfully emailed the post. 1 quadrillion annually, is set to roll out bitcoin futures by the fourth quarter. A bitcoin future will allow investors to bet on the future price of bitcoin without having to actually hold the coin itself. It could bring more Wall Street firms into bitcoin and other cryptocurrencies.

Just when you thought you finally got your head around bitcoin, along comes a new bitcoin-linked financial product: bitcoin futures. Last year CME launched a bitcoin index CME CF Bitcoin Reference Rate. The bitcoin futures will be based off of this rate. Cboe has long had a plan for bitcoin futures in the works, and is also preparing for a possible Q4 launch. That epic rise has gripped the attention of Wall Street and Main Street alike. The development of bitcoin futures is the latest chapter in a broader story about cryptocurrencies gaining traction among traditional players in financial services.

Here’s a quick explainer of bitcoin futures and why they could be a big deal for Wall Street and bitcoin. Futures, which allow two parties to exchange an asset at a specified price at an agreed upon date in the future, have been around since the late 19th century. They are traditionally traded by professional investors and firms. CME trades futures based on everything from oil to corn. The latter are referred to as cash settled futures.

For instance, an investor can buy a future for a commodity like oil betting that its price goes up at a certain point in time. 50 right now, and the investor thinks the price is going to go higher. What would a bitcoin future look like? Both Cboe and CME have said that their bitcoin futures products would settle in cash. And that’s exactly what makes the possible market so appealing to Wall Street. Firms who buy or sell bitcoin futures don’t have to worry about actually holding the cryptocurrency itself. In a way, bitcoin futures would be similar to other futures traded on Wall Street, according to Bank of America Merril Lynch.