Nasdaq To Launch Bitcoin Futures Exchange Next Year
For the past few years, Bitcoin and other cryptocurrencies have been an interesting phenomenon, but one mostly confined to tech circles. Despite the potential of Bitcoin, and its ever-increasing value, cryptocurrencies have never really made it into the mainstream, but that appears to be changing. Business Insider has reported that Nasdaq is preparing to launch a Bitcoin futures product sometime next year.
In addition to Nasdaq, two Chicago-based exchanges, CME and CBOE, have said that they are planning on launching Bitcoin future products next year. These services will allow members to speculate on the future value of the cryptocurrency. The involvement of these three stock exchanges highlights the fact that Bitcoin is slowly entering the mainstream. It may also provide some stability to the currency which has a bit of a volatile history. The sharp uptakes in prices might make hoarders happy, but stock markets tend to favor stability.
There is no exact launch date for the service, but a source told Business Insider that they are expecting to launch the service by the second or third quarter of 2018. The later release date is to allow potential customers time to do their research and decide if they are comfortable with the service and Bitcoin futures. When they launch, Nasdaq’s futures will be based on 50 indexes whereas CME is using four.
The news comes as a bit of surprise given that recently Nasdaq’s CEO, Adena Friedman, said that Bitcoin is “bleeding edge” and that “Nasdaq doesn’t tend to get engaged in the bleeding edge.”
However, this change of heart might have been motivated by Bitcoin’s recent surge. Over the Thanksgiving weekend, the cryptocurrency broke $10,000. As of early Wednesday, it had broken past $11,000 and the current market cap is sitting $169,900,125,075. All that being said, the cryptocurrency has fallen in the past so there are no guarantees that it will remain this strong.
Eric is an avid tech junkie, gamer, and comic fan. When he's not working on his PC, you'll find him at your local comic book shop.