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Last week we reported on rumors that Nasdaq Inc. was planning to press forward with plans to list Bitcoin futures on their exchange. It was first reported in November 2017 that Nasdaq was going to list Bitcoin futures, but this was when Bitcoin continued to rise. After Bitcoin began falling and gained a reputation as a volatile digital currency, talk of listing Bitcoin futures fell silent. The rumors reported last week have now been confirmed to be true.
Joseph Christinat, Vice President of Nasdaq’s media team, said: “Bitcoin Futures will be listed and it should launch in the first half of next year – we’re just waiting for the go ahead from the CFTC but there’s been enough work put into this to make that academic. We’ve seen plenty of speculation and rumours about what we might be doing, but no one has thought to come to us and ask if we can confirm it, so, here you go – we’re doing this, and it’s happening.”
This is exciting news for the cryptocurrency market and proves that attitudes towards crypto are changing. Although cryptocurrencies have been popular with tech enthusiasts and forward-thinking investors, its climb to the mainstream has been somewhat slow. Now that Nasdaq, a major stock exchange, the second largest in the world by market capitalization has backed cryptocurrency, Bitcoin could presumably enter the mainstream easily. This move has the potential to elevate cryptocurrency in the minds of the public and it may not be long until we see many more cryptocurrencies listed on major stock exchanges.
It is clear that Nasdaq is confident in cryptocurrency and supports it. Joseph Christinat added:
“We’ve put a hell of a lot of money and energy into delivering the ability to do this and we’ve been all over it for a long time – way before the market went into turmoil, and that will not affect the timing of this in any way. No. Period. We’re doing this no matter what.”
It seems that Bitcoin’s volatile price movement in 2018 didn’t put Nasdaq off the venture, but they were simply working on the best way to offer the futures on the exchange. Chris Beauchamp, Chief Market Analyst at the IG Group said:
“Anything that broadens out the liquidity of bitcoin and encourages usability is welcomed by brokers and traders alike. t will also bring more visibility and transparency to a market which has no regulation and, again, that will be broadly welcomed.”
It would be fascinating to observe how the new Bitcoin Future would impact Bitcoin’s adaption, price and also the entire crypto industry.