Hello traders everywhere. I'm sure you've read and seen how Bitcoin (CME:BRTI) hit all-time highs today. The latest record surge has been brought on by an announcement from the CME that they are finally going to bring their long-awaited Bitcoin futures product to market. They intend to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods.
The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME.
I believe this news legitimizes Bitcoin as a currency for all those skeptics out there. It's going to be tough to ignore moving forward and must be looked at in the same vein as gold and the U.S. dollar.
Disagree? Leave a comment below and let me know.
Key levels to watch this week:
S&P 500 (CME:SP500): 2,541.60
Dow (INDEX:DJI): 22,739.38
NASDAQ (NASDAQ:COMP): 6,517.93
Gold (NYMEX:GC.Z17.E): 1,283.80
Crude Oil (NYMEX:CL.Z17.E): 51.89
U.S. Dollar (NYBOT:DX.Z17.E): 92.59
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12 thoughts on “Bitcoin Becomes Impossible To Ignore”
BitCoin.......Just the new Tulip Mania..................
.....and must be looked at in the same vein as gold and the U.S. dollar."
I disagree. Bitcoin unlike gold, has no intrinsic value. Thus for it to command any value, it still relies on almighty greenback. Without the dollar, there would be no way to measure the value of bitcoin.
RIGHT ON..Bit coin is paper PET ROCKS
Yes, But you can also look at the pieces of Paper in your wallet and say they hold no value really except for the price of paper/linen, see its all about economics, also it does not matter what object you use for currency as long as it really has value !! Wake Up !
The conversation being only about Bitcoin proves that most investors have no idea whats really going on. It really has to do with Blockchain technology, that is the big trend coming our way. Those of you who are unfortunate enough to work for large corporations will find it ebbing into company in coming years and you will probably get paid in a crypto currency created by the company. What are you gonna do?
change digital paper... into GOLD or SILVER
LMAO, Have you ever or do you think rich people walk into a store of any sort with 35 lbs of silver or gold to buy something ? Think out side the Box friend.
Something Very Expensive **
The thing about Blockchain technologyis that there is a level of transparency in fractional banking. It did play a major part in the last financial crisis.
To be settled for US Dollars and.....to BUY products on Overstock.com and the Microsoft website and Intuit Products and Dish Network and......and this is just the beginning. Linear thinkers make horrible investors.
Money is going electronic.All the young people carry no cash. Bitcoin is here .Gov,t will regulate it and the other crypto currencies, just a matter of time.Am reasonably convinced higher values are ahead . Only caveat is gains are measured in fiat. Transactions in these vehicles, mass acceptance as a buying mechanism are critical to their future "value" .
Bitcoin to be settled in fiat... you can write your own jokes here.
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