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RE: It's Official: CME confirms that Bitcoin Futures will launch Monday December 11th
It will be interesting to see how the short market impacts the BTC price. It also seems like CME is about to become one of the largest buyers of BTC.
Yep. Which one will have the greater impact? There is a 500 million dollar hedge fund slated to go live in early 2018, and if you apply normal hedge fund leverage, they could be buying (and selling) about $2.5 billion worth of crypto, that should impact the markets. :)
Are you referring to Novogratz's hedge fund?
Do you think the short pressure will start to make BTC less volatile? Could the CME markets have that much of an outsized influence?
Further, do you think these sorts of financial instruments defeat the purpose of having digital currency? I am glad it's legitimizing the crypto space, but to have an instrument to track money seems a bit strange to me.
Yes, the Novogratz fund, it will be one of the largest crypto funds in the space.
I think it will probably help reign in some of the volatility yes, it will provide some sellers on the way up and ensure buyers on the way down. Not bad things in my opinion.
I see your point about defeating the purpose, but I think this was always coming. Anyone who thought bitcoin was going to make governments irrelevant was dreaming.
At some point decentralized money might take over, but we are a long ways from that happening. The best thing for that is getting bitcoin and bitcoin like investments in as many hands as possible. At least in my opinion.
I am honestly hinking there could be a pullback shortly after a big rise in the price after the futures market opens. Hedge funds and institutional investors aren't dumb. They will know they can get a better price by shorting the market. I would think they would want to get a better price and then start the big buying. Something I'm going to keep an eye on at least.
That's a good view to have IMO. Be careful out there!
Always have to be on the lookout, that's for sure. I'll be ready with a plan for both outcomes. Money to be made in up and down markets.