New York Stock Exchange makes a move on Bitcoin and Bill Gates gets handled
Good morning traders and investors! Merely a week has passed since the Goldman Sachs news that they are launching their own Bitcoin futures trading desk, and now we have even more positive news. Namely the parent company of the New York Stock Exchange, the one we have seen in hundreds of movies, ICE, is having talks with multiple parties to launch their own Bitcoin trading - and they are looking to offer the trading of swap contracts.
Looking more closely at what exactly are swap contracts and why, crytocurrencnews.com explains:
In a swap, banks would buy a contract that would give one of its customer’s Bitcoin the very next day. According to the individuals working on the project with ICE, these contracts would be backed and secured by the exchange.
While these swap contracts may seem more complex than just trading USD for BTC on an exchange like the rest of us; these particular trades come under the regulation of the Commodity Futures Trading Commission. The swap trades operate clearly under the current laws, something exchanges have yet to do.
ICE's (Intercontinental Exchange) plans to build a trading platform of their own is still in a fragile state, as the behemoth investors of Wall Street fight cryptocurrency trading with their hoofs and horns, but should this project succeed, if will give excellent further legitimacy to Bitcoin and it's alternatives as this sort of swap trading falls under CFTC laws.
Wanna read more about this? Hit the sources below:
cryptocurrencynews.com
nytimes.com
bitcoinist.com
credz: pixabay.com
If you have been following the news, you probably have heard that another behemoth, not an investment banker though, namely Bill Gates, the Microsoft co-founder, called Bitcoin the "greater fool theory" type of investment and said he would definitely short it if there was an easy way to do it.
No doubt many of these whales have much more common sense in investing than mere mortals like us. They too, have probably watched the Bitcoin short-term bubble evolve and pop around 20K and pull back, destroying dreams of Lambos and easy life. No doubt they have formulated their opinions, mingling with only the greatest minds during their business years. But cryptocurrencies bring the winds of change and a generational swap of technology, and it almost feels like there is a group of people trying to stop that from happening.
Luckily, we have innovative minds on our side. Tyler Winklevoss, one the brothers behind the Gemini cryptoexchange and Bitcoin entrepreneur, calls Gates' bullshit:
Will you take the bait, Gates?
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When has Bill Gates ever talked about shorting anything... awfully strange if you ask me. What's even more strange is one of the richest men in the world seemingly doesn't have the resources to easily short bitcoin....
Sorry but for me that story doesn't add up, he is pushing FUD.
There's no question about it being FUD, Gates sitting beside Munger and Buffett, who seem to be speaking out of both sides of his face as its needed. Let the whales battle it out, innovation always wins.
The crypto will overcome all the challenges and will emerge as victorious. Even the Bill Gates cannot stop it now.
Good morning too sir.....thanks for a latest morning update for us..(i also think The crypto will overcome all the challenges)
I think currency cypto will answer the challenge of the larger investors in future
Thanks for this cryptocurrency.
Their shaking in their House Shoes and Bath Robes
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i liked this article. Thanks