Sunday evening was one of the most anticipated ones for both the fans and critics of Bitcoin alike. The high-profile Bitcoin futures made their debut and trading began in Chicago on the CBOE futures exchange. With the arrival of futures contracts, investors can now bet on whether Bitcoin prices shall go up or down in future. The value of the popular cryptocurrency has been going up over the past few days on the excitement surrounding its trading on a major exchange. According to coinmarketcap.com, Bitcoin prices have been hovering near $17,000 range.
Sentiments ran high on various social media platforms when, soon after the launch, the CBOE website crashed under the weight of heavy traffic. However, the website seems to have recovered now, and the contracts information can be found on its site. (Source: XBT-CBOE Bitcoin Futures, CBOE, December 11, 2017)
While some see it as a positive move, others are not so excited. The supporters see the listing as a step closer to the popular digital currency being legitimised, gaining more acceptance as an asset that can be traded. However, the critics argue that more inexperienced investors shall be drawn towards the currency, giving rise to a bigger bubble. Bitcoin trading is definitely not for the faint-hearted as the level of volatility and risk in trading Bitcoin futures shall remain very high.
Only time can tell what is in store for Bitcoin but there is no doubt that the digital currency has come a long way indeed. CBOE is looking forward to launching more products based on different cryptocurrencies. And while the storm over Bitcoin being a currency, asset or a commodity rages on, the action shall move to the Chicago Mercantile Exchange as the Bitcoin futures make their debut there next week.