“You might love it, or you might hate it, but you definitely can’t ignore it!”
As buying and selling cryptocurrency is banned in the United States, NASDAQ has found a new way altogether to join the Bitcoin bandwagon. The world’s second largest Stock Exchange will allow the citizens to speculate on the price of Bitcoin with ‘Bitcoin Futures’. According to a report published in the Wall Street Journal, NASDAQ will launch the futures contracts in June 2018.
The Bitcoin Futures contract will be added to the stock exchange existing Nasdaq Futures Platform (NFX). Launched in the year 2015, NFX focus was on energy trading, now the platform will be re-purposed to support cryptocurrency contracts. Nasdaq isn’t the first exchange from the American lands looking forward to cashing in on the cryptocurrency popularity. CME Group and CBOE Global Markets have already indicated the specifics of their Bitcoin Futures plans.
The cryptocurrency virtual market is famous for being decentralized and unregulated. The entry of well-known heavily regulated stock exchanges is bound to add an air of legitimacy. The change of platforms, from virtual to real, might help investors to feel secure to participate.
Bitcoin price has seen a meteoric rise reaching $11,000 in November from $960 at the beginning of the year 2017. The constant rise in value with just a few falls has got the R&D of regulated exchanges saying, “Can we do this?” One can’t deny that the Bitcoin bubble might pop. However, with so many enthusiasts around the world eager to play legally with cryptocurrency, who would want to miss this chance?
Also published on Medium.