Haters gonna hate….


So all the hype of the bitcoin haters smashing the launch of bitcoin on the CBOE future exchange yesterday failed to materialise...  Bitcoin longs surged so much the exchange had to halt trading to let things settle.  It seems the first truly large scale institutional play in bitcoin just saw more people pile in.  From the Australian Financial Review:

“Less than three hours after the debut of Cboe Global Markets' bitcoin futures, the contracts climbed as much as 14 per cent and triggered a two-minute trading halt designed to cool volatility.

Dealers said initial volumes exceeded expectations, while traffic on Cboe's website was so strong that it caused delays and outages. The exchange said all its trading systems were normal.

The launch of futures traded on a regulated exchange is a watershed for bitcoin - testing infrastructure that will make it easier for legions of professional traders and mainstream investors to bet on the cryptocurrency's rise or fall, potentially helping to steer its price.

Until now, trading in bitcoin was driven mainly by individual investors who were willing to risk buying on mostly unregulated markets. Some users of those little-policed venues have been targeted by hackers who've stolen digital tokens.”

Of course Ainslie customers lock in their price, THEN pay, and walk out with a hack proof Ainslie Crypto Wallet…

The press this first day of trading bitcoin on futures is getting is most telling.  The threat of massive shorts from the disbelievers was real, but it seems unfounded.  As we wrote last week the truly staggering prospect for bitcoin is this initial discovery phase where newcomers come on board what is essentially a new asset class finding its ultimate ‘normal’ market capitalisation. That institutional investors can hop on that journey now is truly exciting for ‘ordinary’ private individuals, even sparking headlines such as ‘the great wealth redistribution’ allowing the 99% to in part catch up to the 1% benefiting current financial markets.