Around the Net: Perspective on CME and Bitcoin, and What Constitutes a Scam
CME Group, the world’s leading and most diverse derivatives marketplace, announced on Tuesday, October 21 that it will begin trading Bitcoin futures by the end of 2017, pending regulatory review. This milestone immediately set the stage for the legacy coin to soar to an all-time high of over $6,400, with sustained upside. It’s not surprising. Institutional investors and smart money have been saying for years that the key to Bitcoin’s mass appeal is its ability to penetrate the banking system and become a major asset class. The prospect of Bitcoin futures promises to do exactly that – propel the cryptocurrency into maturity, making it ripe enough for mainstream adoption.
Given how often experts in the fintech field are blindsided by Bitcoin’s staying power, we found this comment by a reader on CryptoCoinsNews to be worthwhile.
“CME will not be futures. It will merely be a Binary Option Scam where you bet on price going up or down. That can not be approved and will never fly. If it is a future, CME must hold the asset in escrow on BTC wallet like grain futures. The asset must exist and contracted with the farmer. There are only 16.5Mil in circulation so just by selling 100mil in futures will be a scam and irregular. So for me to buy a contract, while the contract runs the asset/commodity must be secured in a BTC wallet till the end of the contract. No person in his right mind will send his BTC to a wallet that is not transparent on the block chain or buy a contract where the grain, cattle or commodity does not exist. I smell a fish and the fact that CME mentioned that they do not see problem with approval because they approve these things themselves makes me think of 911. The exchange they working with is registered outside of NY and USA in a haven where many illegal Binary Option Companies operate from. This will hurt BTC in arbitrage trading between CME and Crypto Exchanges, think the FED is involved.” Source: CryptoCoinsNews