CME Group sets date for Bitcoin futures launch

CME Group sets date for Bitcoin futures launch

Although the futures have yet to begin trading, Cboe president Chris Concannon has already hinted that the exchange may soon launch futures contracts for ether and bitcoin cash, according to a Business Insider report.

Bitcoin's price has soared tenfold this year, prompting many market participants to warn of a bubble as it topped United States dollars 11,000 for the first time last week.

Cboe Global Markets Inc will launch its bitcoin futures contract on December 10, just over a week ahead of rival CME Group Inc, as the exchange operator takes the next step toward launching an exchange-traded fund based on the digital currency.

CME, the world's biggest exchange owner, and smaller venue Cboe, known for its volatility products, were allowed to offer the products Friday after pledging to USA regulators that they comply with the law.

The bitcoin mania doesn't seem to be losing steam, despite repeated regulatory blows - especially in China - and growing more than tenfold in value from the beginning of this year.

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Nasdaq Inc also plans to list a futures contract based on bitcoin in 2018, Reuters reported last week. At 19:54 UTC on Monday, bitcoin was trading at $11,237.19, unchanged in the last 24 hours.

Bitcoin futures would allow traders to bet on rises and falls in the digital currency, similar to the way oil, corn or gold futures work.

However, despite the cash-settlement process, some institutional investors have expressed concern at the addition of bitcoin-derived products to CME.

Following the launch of these products, many analysts predict that the Securities and Exchange Commission (SEC) will grant approval to the first exchange-traded fund (ETF) that invests in bitcoin futures contracts, potentially turning bitcoin into a mainstream financial instrument and portfolio asset. One bitcoin was worth just a fraction of a penny when it started trading in 2010, and by the start of this year was worth $1,000.

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