As covered by CCN, the CME Group, the $51 billion U.S.- based financial institution and the world’s biggest options exchange, is set to open bitcoin for trading by December 18 on its platform. As of late, the Chicago Board Options Exchange (CBOE) is also planning to list bitcoin futures contracts on its platform and Nasdaq Inc. next year.
As per Bloomberg, billionaire investor Mark Cuban says bitcoin futures exchanging on such exchanges will positively affect the leader digital currency. He expressed:
“It’s going to be interesting. The outcome of it is going to be positive as the transaction fees for bitcoin are relatively higher. If this manages to bring these costs lower, bitcoin market will be in for a huge boost.”
Naem Aslam, a market investigator at TF Global Markets in London, added to Cuban’s analysis, saying that exchange costs, including digital money trade fees and custody services charges, could decrease if bitcoin demand grows because of futures trading on these exchanges.
Cuban, the majority owner of the Dallas Mavericks and a star on the investing theme show “Shark Tank,” has in the past stated that in spite of being a bitcoiner, he trusted the market was in an air pocket. He later changed his conclusion on bitcoin, as he exhorted “true adventurers” to put 10% of their wealth in digital forms of money – Cuban himself has put resources into cryptographic hedge funds, in bitcoin, and in other digital currencies.
Tim Draper, another billionaire who’s gotten over $110 million from his bitcoin ventures, was likewise anxious to see bitcoin futures on these exchanges. In an email to Bloomberg he composed:
“Bitcoin is a currency and should be treated as such. It makes perfect sense that a currency should be able to be hedged.”
Story credits: cryptocoinsnews.com