UK Hedge Fund Man Group Mulls Bitcoin Futures Offering

UK Hedge Fund Man Group Mulls Bitcoin Futures Offering

That's according to Terry Duffy, chairman and CEO of the Chicago-based CME Group, which will soon become the first licensed USA derivatives exchange to list bitcoin futures contracts.

BTC futures will enabling traders to bet on potential declines in the Bitcoin price (BTC/USD) via a practice known as short selling, or shorting. Those of you waiting with baited breath to short Bitcoin will finally be able to do so.

The CEO of a major British hedge fund is considering stepping into the digital currency space, pending the launch of the Chicago Mercantile Exchange's (CME) bitcoin futures.

"When can you be able to short this product, I think sometime in the second week in December you'll see our contract out for listing", Terry Duffy, chairman and CEO of CME, said Monday on CNBC's "Power Lunch".

However, Duffy downplayed these concerns and assured skeptics that CME will implement restrictions created to contain the inherent volatility of the bitcoin markets.

What I want to do is give it a place for other people to lay out that risk. So there's only one way it can go.

UK Hedge Fund Man Group Mulls Bitcoin Futures Offering

Essentially, a future contract requires a user to either go long, or short - which means they either agree to buy the asset in question or sell it at a certain price, at a certain time. "So you create a two-sided market, I think it's always much more efficient".

This announcement from Ellis comes on the heels of CME revealing at the end of October that they are planning to launch a bitcoin futures by the end of 2017, pending regulatory approval.

One of the largest hedge funds in the world might hop on the bitcoin trade. Now investors can dabble in cryptocurrency without actually having to own any.

The bitcoin futures will have a price limit of 20% above or below the prior settlement price and price fluctuation limits of 7% and 13% above and below that level. It's been a wild and wooly ride for Bitcoin enthusiasts over the last week.

"There is a big difference between a digital currency and a traditional currency.Traditional ones are supported by governments who have armies and tax men that can make people follow their rules, and digital ones don't". This, he said, will attract more institutional investors. Do you think more financial giants will jump on the cryptocurrency bandwagon?

Featured image from Wikimedia.

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