Nasdaq Inc. will be launching bitcoin futures, per a breaking November 29th report from The Wall Street Journal. This major institutional move now has everyone wondering: has critical mass finally been reached?
Nasdaq Joins Bitcoin Futures Craze
By the end of Q2 2018, Nasdaq Inc. is angling to have bitcoin futures live on its native NFX — or Nasdaq Futures — exchange.
From an institutional perspective, it can’t be overstated just how legitimizing this development will be toward making bitcoin — and cryptocurrencies in general — a reputable and mature asset class.
That’s because the NASDAQ stock exchange is the second largest in the world. At press time, the total market capitalization of companies listed on the NASDAQ exchange is over $11 trillion.
That means a truly astonishing amount of institutional fiat will now be able to enter into the cryptocurrency community from its periphery courtesy of Nasdaq Inc.’s coming bitcoin futures.
The competition is on, as the WSJ report suggests Nasdaq Inc. is trying to outmaneuver the CME Group and CBOE Global Markets Inc. — both being exchanges that recently announced BTC futures — by offering a trend-setting “futures contract that better tracks the world-wide price of bitcoin.”
Nasdaq has reportedly “briefed market participants on its plans,” too.
The grand takeaway here is that other exchanges will surely follow in Nasdaq Inc.’s reputable footsteps. Sooner rather than later, it may be bizarre for stock exchanges to not have bitcoin futures thanks to the critical mass that’s now seemingly been reached in institutional circles.
Also New? Broker Firm Cantor Fitzgerald LP to Offer Bitcoin Swaps
On the heels of this titanic Nasdaq revelation comes another important development: broker firm Cantor Fitzgerald LP will also be launching a new kind of bitcoin derivative — swaps.
These BTC swaps will go live on the Cantor Futures Exchange LP roughly in the same timeframe that Nasdaq Inc. launches its own bitcoin futures.
These swaps will let institutional traders bet on the bitcoin price in three-month betting windows.
Shawn Matthews, CEO of Cantor’s brokerage wing, says the institutional investments are about to surge in the face of coming liquidity:
“The asset class is not going away. If you look at the next level, it will be the institutions coming in and being larger participants in the marketplace, especially as liquidity gets better.”
Nasdaq and broker Cantor Fitzgerald are looking to join the rush on Wall Street to trade bitcoin https://t.co/f6toaOHA4F
— The Wall Street Journal (@WSJ) November 29, 2017
… John McAfee’s Still Talking About Eating Himself
As the bitcoin price surges past $11,000, it’s starting to look like we’ll be hitting $12,000 within hours — not days.
Many pundits in the space have been attributing this incredible bull run to the unprecedented institutional interest — like CME’s and Nasdaq’s bitcoin futures — that is now consolidating around the cryptocurrency space.
Well, firebrand tech maestro John McAfee just put his two cents in again accordingly as investment excitement is swirling like never before. And yes: he’s still promising to eat his you-know-what if bitcoin hits $500,000 in 2020:
“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my d*ck if wrong.”
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
What’s your take? Do you think this Nasdaq announcement is one of the biggest developments to ever hit the cryptocurrency space? Let us know where you stand in the comments below!
Images via DisruptorDaily, Visual Capitalist