Bitcoin is perhaps the most volatile investment of the century. This year has seen wild fluctuations, with increases and decreases of 25% within just a few days of each other. But with more and more people investing in Bitcoin, and using it as a more mainstream currency, major companies and institutions can no longer ignore it.
Opinion on Bitcoin has so far been mixed. JPMorgan & Co.’s Jamie Dimon labeled the most popular cryptocurrency as a fraud, a sentiment echoed by billionaire philanthropist Warren Buffett.
However, today, news broke that will likely please the Bitcoin optimists. CME Group, a trading giant, has announced that it will implement Bitcoin future trading by the end of the year.
In a press release, Terry Duffy, CEO, claimed: “Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a Bitcoin futures contract,”. This was a reversal of a previous position, as the company stated they were wary of offering such a volatile asset.
At the time of writing, Bitcoin has soared to a value of over $6,500. For scope, only three months ago, the value of Bitcoin was only around $2,500. By contrast, the two other major cryptocurrencies, Ethereum and Litecoin (sometimes dubbed ‘silver’ or ‘bronze’) have been largely static over the past few weeks. Although an asset with such huge price fluctuation is shaky, it looks as if Bitcoin is progressively findings its way into mainstream acceptance.
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