Bitcoin futures trading began on the Chicago Mercantile Exchange market on Monday, a move which takes the cryptocurrency one step further to mainstream investment.
This comes as Bitcoin hovers around its highest price ever, regaining strength on Monday morning after sinking from its record high on Monday. Bitcoin is currently trading at $19,053.76 (1047GMT). According to Coindesk, a single bitcoin has grown from a price of $1,000 in January to Sunday’s record price of $19,783 over the year.
Those who support Bitcoin hope that the launch of futures trading on CME will lend weight to the cryptocurrency, reducing volatility and reducing the change of a ‘Bitcoin bubble burst’.
When it hit $12,000 many were already warning of the dangers of a Bitcoin bubble, with Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at investment bank Morgan Stanley, saying:
“This is a toxic concept for investors. It is a dangerous speculative bubble by any shadow or stretch of the imagination.”