In an interview this morning on CNBC, Thomas Peterffy stated that he thinks Bitcoin futures products are only going to add to the popularity of the already immensely popular bitcoin.
Specifically, Peterffy had this to say:
"I think that bitcoin being listed on two reputable exchanges gives a great deal of reputation to the product itself and I think as a result it will become even more popular than it's been before."
More popular than it has ever been before?
You don't say...
Those are very interesting words coming from Peterffy.
If you do not recall, he went out a couple weeks back and stated that he thought Bitcoin futures products were potentially going to bring down the world's economy.
Bring down the world's economy?
Those are some pretty big words.
They would sound outlandish if they hadn't come from the mouth of the Chairman of Interactive Brokers, one of the most professional retail brokers out there.
The specific quotes from Peterffy read as follows:
"The plans by the CME to launch Bitcoin futures is suicidal. It could bring down the entire economy"
"For the first time, I am extremely scared."
This was due to the fact bitcoin futures would be cleared on exchanges that also cleared many other futures products. The fear was that the volatility of bitcoin could bring entire exchanges down were they not able to react quickly enough.
Why the change of heart?
For one I think he is seeing that these things are cash settled and that they aren't really tied to the actual (physical?) product that is bitcoin.
Also, I think he is seeing what the rest of the world is seeing...
Bitcoin is here to stay, at least for now.
It's not a beanie baby, or some flash in the pan one hit wonder type of investment. It's a revolution that is supported by millions of millennials that are fed up with the way governments have run things since they've been alive.
The old way is done, at least their minds, something more along the lines of bitcoin is the future, at least according to them.
What this means is that these things have much more staying power than most people originally thought.
Just because they are the future, doesn't mean they will go straight up.
I have no doubts that we are currently in a price bubble and we will have a massive correction at some point here that shakes out a lot of the weak hands, it's just a matter of when at this point.
However, the staying power of cryptocurrencies in general has already surpassed what even I thought it could do in such a short time.
This run truly has been remarkable. Time will tell how high it goes and how long it lasts. It doesn't look like it is done yet though.
Stay informed my friends.
Sources:
Image Sources:
