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Bitcoin [BTC] Futures to be launched by Nasdaq in Q1 of 2019

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Bitcoin [BTC] Futures to be launched by Nasdaq in Q1 of 2019
Source: Unsplash

Despite the plunge in Bitcoin’s prices, sources close to the matter said that Nasdaq Inc. is moving forward with the plan to pursue Bitcoin futures.

They said that Nasdaq is working to satisfy the Commodity Futures Trading Commission [CFTC], before launching the contracts. Moreover, Nasdaq is said to launch trading of the Bitcoin futures in the first quarter of 2019.

Nasdaq’s CEO, Adena Friedman said in January 2018 that the exchange was trying to distinguish their plans from the already existing competition by CME and Cboe. She also said that Nasdaq’s futures will be based off Bitcoin’s prices on various spot exchanges as compiled by VanEck Associates Corp.

CME and Cboe brought their Bitcoin’s futures into the market via their self-certified process in December last year. Although Bitcoin futures were supposed to captivate the market it had subpar performance as the price of Bitcoin dropped from an all-time high of $20,000 to as low as $3,500.

The news of Nasdaq introducing Bitcoin Futures first hit the market in 2017 when Bitcoin was trading at $11,000 and it was said to be released in the second quarter of 2018. Although it was said to be released in 2018, nothing came to fruition last year.



A Twitter user OmegaCapital said:

“futures aren’t a positive in this market as we’ve seen with the CBOE futures that launched in Dec”

Another user Ollie Shaw commented:

“Bitcoin +20% days are over.
Futures will allow companies to accept Bitcoin and mitigate price fluctuations by managing exposure. i.e construction firm wins large contract, payment is in Bitcoin in 3 months. Construction firm is short USD/BTC futures until payment date. CBOE futures underlying is not an actual coin, which is a joke. If you’re long a barrel of oil you can accept delivery of that barrel.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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