He also predicted that the cryptocurrency will hurry mainstream in 2018 and turn out to be section of « strategic reserves » and « asset allocation units » around the arena. More patrons can even possible pay for items and companies and products with bitcoin, he predicted.
Jones Day’s Obie agreed that bitcoin will turn out to be more mainstream and a completely unique asset class would possibly per chance well also emerge within the investor neighborhood. He referred to the string of bulletins from the Chicago Board Choices Alternate, Chicago Mercantile Alternate and Nasdaq to provide bitcoin futures contracts.
« I mediate you are seeing mainstream regulated exchanges taking a gaze at whether or not bitcoin, and other cryptocurrencies, are asset courses in and of themselves, » said Obie. « Clearly there are of us that would possibly per chance well cherish publicity to this. »
In July, the U.S. Commodity Futures Trading Commission, which regulates the futures and option markets, licensed a swap execution facility for cryptocurrencies. Meanwhile, patrons are also ready to gaze if the SEC will at final approve the introduction of a bitcoin ETF. The existence of bitcoin futures contracts would possibly per chance well lengthen self assurance for the regulator to give its approval, Obie said.
« Having a futures market with price discovery will enable the SEC to salvage contented that there is a regulated market, where pricing is showing, » he said. « I mediate you are seeing the advance of a fourth asset class. »
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