With the launch of Bitcoin cryptocurrency futures …
Cryptocurrencies are becoming a promising asset class with the launch of Bitcoin futures – JPMorgan Strategist
While JPMorgan CEO James Dimon sees Bitcoin as a fraudulent scheme, which he believes would be bad for him, a senior at his bank expects the launch of Bitcoin futures to help cryptocurrencies become a “promising asset class.”.
In a conversation with CNBC, JPMorgan’s head of strategy, Nikolaus Panigirtzoglou, noted that the release of bitcoin futures on regulated trading platforms could lead to confidence in cryptocurrency, which in turn will affect the interest from investment funds and individual investors.
“The upcoming launch of bitcoin futures on well-known exchanges will allow bitcoin to become a more legitimate asset and thus increase the attractiveness of the cryptocurrency market for individual and institutional investors,” he said..
Recall that yesterday the CME Group platform approved the launch date for futures contracts. Traders will get access to the new instrument on December 18. In a separate announcement, the Chicago Board Options Exchange announced that its cryptocurrency futures have been certified by the Futures Trading Commission. In addition, Cantor and Nasdaq are preparing to launch bitcoin futures.
While all futures settlement will be in fiat, meaning that bitcoins themselves will not be used at any stage of the transaction, several major analysts expect that the release of bitcoin in one form or another to regulated platforms will help reduce cryptocurrency volatility in major markets and allow new an asset class to become a full-fledged financial instrument.
Panigirtsoglou agrees with this opinion, stating that cryptocurrency rates may rise even higher, despite the fact that many of them recently updated historical highs..
“Overall, the upcoming launch of bitcoin futures could raise cryptocurrencies to a promising asset class,” he said. “The value of this new asset class is determined by the breadth of its distribution as a store of value and means of payment. Judging by other store of value such as gold, cryptocurrencies have the potential to continue to grow. “.
Photo: Jonathan Weiss
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