On the anniversary of the publication of Satoshi Nakamoto's Bitcoin white paper, the price of Bitcoin reached a new all-time high, following the news that CME Group, one of the world's largest derivatives exchanges, will launch a Bitcoin futures product on November 14, 2017.
Like most futures, CME's Bitcoin futures product will be cash-settled, based on the CME CF Bitcoin Reference Rate.
According to CME, the BRR is a standardized reference rate, which - along with a bitcoin spot price index, the CME CF Bitcoin Real Time Index - "Accelerat[es] the professionalization of bitcoin trading."
Like most other financial institutions exploring cryptocurrency, CME is launching a Bitcoin futures product to both satisfy client interests and investigate the rewards of testing blockchain technology's "Transparency, price discovery and risk transfer capabilities," as noted by Group Chairman and Chief Executive Terry Duffy.
The implications of this Bitcoin futures product launch are far-reaching.
The big boys are coming and they know what they're doing (notice the interesting Nov 14 date). Manipulation incoming.
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