Gabor Gubacs confirms the rumor on the futures of the Nasdaq Bitcoin
The information reaching Ethereum World News earlier alluded to the rumor that Nasdaq, one of the world's major financial markets, has started working on a Bitcoin futures contract (BTC). Although this is undoubtedly a bullish development, at the time the Bloomberg relationship broke, the information was divulged by two allegedly familiar with the matter.
To clarify the air, Gabor Gubacs, a digital asset strategist / head of VanEck (the company behind the main proposal of Bitcoin ETF), took the stage of the Consensus Invest of CoinDesk, publishing a commentary on the news.
– CoinDesk (@coindesk) November 27, 2018
Per CoinDesk's Twitter channel, on stage, in front of a crowd of hundreds, Gurbacs revealed that VanEck is collaborating with the Nasdaq in New York to "bring a 2.0-type futures contract to the market".
However, like Bloomberg's original statement on this issue, many details about the collaborative efforts of VanEck and Nasdaq have not been disclosed, which could indicate that there might be innovative features kept under lock and key.
And because of the apparent secrecy, many quickly resorted to speculation, with some questions if the Nasdaq instrument would use the "physical" BTC in custody, unlike the future of CBOE and CME, but as the Bakkt vehicle scheduled for launch at the end of January. Furthermore, it is not clear if the NASDAQ intends to implement such a program, which complicates the future contracts of Bitcoin, but since the exchange is relatively blockchain- and crypto-friendly, the physical support, classified as a price catalyst positive for Bitcoin, it is not outside the realm of possibilities.
Bloomberg noted that the America-centric platform is planning to undertake its first major exploration of cryptography by the first quarter of 2019, pending a green light from the US CFTC.
Despite the Crypto Bears market, the institutions push forward
It is interesting to note that this strong institutional incursion takes place in bear market conditions, which have seen the aggregate value of cryptographic assets collapse by $ 100 billion (40%) over the past two and a half weeks. This not only indicates that there is still room for the growth of cryptographic resources, but investors are likely to wait at the edge of the right vehicle, product, platform or service.
The CEO of Ambrosus, Angel Versetti, recently spoke with the Independent U.K. on this topic, as previously reported by Ethereum World News.
Versetti noted that "he does not believe" [that] we are or we have been anywhere near a bubble with cryptocurrency. "The CEO of the blockchain upstart added that the arrival of hotshot institutional players, who dubbed" bankers "and" financiers ", indicates that the first bubble of the sector He is in good faith at the horizon and could even be on the verge of making his statement.
This vision of the world was not limited to just one industry expert, as others, including Sonny Singh of Bitpay, also touched on the importance of institutional incursions in this nascent industry. Speaking with Bloomberg, Singh explained that products such as a US-regulated ETF, Bakkt's full-blown platform and other promising initiatives push bitcoins over $ 15,000 and possibly $ 20,000 during the 2019 fiscal year.
Title Image Courtesy of Colton Duke on Unsplash