There is nothing like a pyramid scheme and bubble that adds a futures market to bet on it:
CME announced Tuesday it plans to launch bitcoin futures in the fourth quarter, pending regulatory review.
Bitcoin rose to a record high above $6,400 Tuesday morning, according to CoinDesk, after the announcement by the world’s largest futures exchange.
“Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract,” Terry Duffy, CME Group chairman and CEO, said in a statement.
The leading global exchange for options and futures trading is the latest entrant into the business of offering derivatives for bitcoin, the volatile digital currency, which is not listed on a major exchange.
Bitcoin over the last 12 months
The bitcoin futures contract will be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), which CME launched in November 2016 with London-based digital trading platform Crypto Facilities. The reference rate is a daily settlement price published at 4 p.m. London time, currently noon ET.
In short, you no longer need to own BTC to gamble on BTC. BTC loved it:
Might as well have futures on my farts.
