Bitcoin entered the US exchange auction
"Bitcoin is a virtual currency, it's a commodity that we have never encountered before." We expect tough monitoring from trading platforms, "said Christopher Giancarlo, head of the Commodity Futures Trading Commission of the United States, which legalized the commencement of trade in bitcoin futures.
The first permission was received by the group of the Chicago Commodity Exchange (CME Group Inc).
The boom in the market is kriptovaljut, because of which the price bitkoyna for five years increased by more than 40 000% (including 8 times a year), recently compared to nothing else. Chairman of the Central Bank Elvira Nabiullina - with a gold rush, Economy Minister Maxim Oreshkin - with the MMM, and JPMorgan Chase CEO Jamie Dimon considers it worse than tulip fever, the first bubble puffed in the Netherlands in 1634-1637.
Yes, this is a bubble, and "it will be the largest bubble in our time, prices will rise much higher than those where it should be," agrees Mike Novogratz, ex-partner of Goldman Sachs and asset manager at Fortress Investment Group. "We can earn money on this, and we plan to do it," he told Bloomberg TV.
On Monday at the site of the Chicago stock exchange Cboe Global Markets began the first in the US trading futures for bitokoyn. They opened at a price of $ 15,000 (1 bitcoin is included in the contract), in the first six minutes the value of the futures with the calculation in January increased by 11% to $ 16,660, writes The Wall Street Journal. Price itself bitkoyna, the newspaper notes, for the first seven minutes after the start of trading in futures rose by 8% to $ 15,740, according to CoinDesk.
By lunchtime, the turnover was 2654 contracts. The price of the January futures was $ 16,834.3, the price of the bitcoin, according to CoinDesk, is $ 16,558.5, ie $ 16,538.5. traders expect a slightly higher price in January than the current one. Price jumps forced Cboe to suspend trading on Sunday for two minutes; This is done when the current price deviates from the price at the end of the previous trading day by 10% (for the first day the deviation from the opening price was taken). Thus, another important step has been taken to institutionalize and recognize the world's main crypto currency of the modern world. Now in Germany they also thought about following the example of the Chicago Stock Exchange, and market participants forecast the growth of the bitcoin rate to 40 thousand dollars next year. Skeptics, however, predict that futures trading may be the beginning of an end for the bubble of virtual currencies.
One of the richest people on the planet, trader and investor George Soros called bitcoin and other crypto-currencies "a typical financial bubble"
"Bitcoin is not a currency, because the currency is considered a stable means of accumulation, and its rate can not change by 25 percent per day," the billionaire said. "Crypto currency is speculation, which is always based on a misunderstanding," Soros added.
On January 10, American investor Warren Buffett, whose fortune is estimated at 87.3 billion dollars, said he had not bought a single crypto-coin and suggested that all the crypto-currencies would "end badly." He also assured that he would never play crypto currency on futures.
"For me, bitcoin is the best example of a speculative bubble today," Nobel laureate Robert Y. Schiller, a professor of economics at Yale University, told Vedomosti. - He does not have the intrinsic value, unless others think that she has it or that other people think that she is. The story bitkoyna incredibly exciting: I see how the people discussing it brighten their faces, and the conversation is animated. "
The head of research of world commodity assets and derivatives Francis Blanche advised investors not to hope for the growth of the cost of bitcoin.
He said that the crypto currency is still a bait for scammers and thieves. Mr. Blanche also noted that crypto currency is still illegal in many countries of the world and added that to beatcoin flourished, it should become a reliable currency.
Meanwhile, the volume of operations with bitcoin in recent months has increased to more than $ 1 billion a day. On some days, the amount exceeded $ 2 billion.
Blanche noted that the volatility of bitcoins decreased, as this currency became liquid and was able to scale. However, their volatility remains higher than that of emerging markets. In addition, according to Blansh, crypto-currencies do not correlate with gold, oil, currencies from group 10 or shares.
According to him, the rise in the price of the crypto currency will still depend on the belief in it of financial institutions, corporations and individuals. Currently, 1 bitcoin costs more than $ 2,500, which is twice the price at the beginning of the year.
Most regulated financial companies allow customers to work with physical or financial assets, but currently they do not work with crypto currency, Blanche said. With his opinion, analysts agree Morgan Stanley, who said that to strengthen the crypto currency, government support is needed.
In June, Morgan Stanley noted that investors and regulatory authorities consider the crypto currency more as assets than a monetary unit. Analysts believe that bitcoins are an "inconvenient method of payment", and there are only a few reasons to use crypto currency instead of a credit or debit card.
Бланш зазначив, що волатильність біткоіни зменшилася, так як ця валюта стала ліквідною і змогла масштабироваться. Однак їх волатильність залишається вище, ніж валюти ринків, що розвиваються. Крім того, за словами Бланша, криптовалюта не корелюють з золотом, нафтою, валютами з групи 10 або акціями.
За його словами, зростання ціни на криптовалюта все так же буде залежати від віри в неї фінансових інститутів, корпорацій і приватних осіб. В даний час 1 біткоіни варто більш ніж $ 2500, що в 2 рази більше ціни на початку року.
Більшість регульованих фінансових компаній дозволяє клієнтам працювати з фізичними або фінансовим активами, але в даний час вони не працюють з криптовалюта, зауважив Бланш. З його думкою згодні аналітики Morgan Stanley, які заявили, що для зміцнення криптовалюта необхідна підтримка уряду.
У червні Morgan Stanley зазначив, що інвестори і регулюють держоргани розглядають криптовалюта більше як активи, ніж грошову одиницю. Аналітики вважають, що біткоіни- це «незручний спосіб оплати», і є тільки кілька причин використовувати криптовалюта замість кредитної або дебетової картки.
The crypto currency and the technology of the blocking on which they are based are real innovations, Schiller admits, so "enthusiasts can be right that in the future they will have real value, even if it is based on people's faith." Bubbles are usually formed against the backdrop of innovation, economist Charles Kindelberger pointed out in the book "World Financial Crises. Mania, panic and collapse. " People at first do not represent their true value, which can lead to speculation. In this regard, the bubbles are not necessarily bad, because they contribute to investment in new areas, says Professor of Economics Princeton University Marcus Brunnermeier. "The giant bubble around the railways in the 1840s. in the UK burst, but the roads still exist, "adds Schiller.
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