Should Beijing look at its crypto ban? A former bank member believes so
A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
Bitcoin has passed the $14k USD barrier – blasting through an unprecedented $2500 gain in as little as twenty-four hours.
The latter half of 2017 has seen Bitcoin move from strength to strength, and now the digital currency has achieved the utterly unprecedented with a stunning $2500 USD growth in as little as twenty-four hours – bringing the currency well past the $14k USD barrier.
The move has seen Bitcoin rally on GDAX, wherein the cryptocurrency is trading $500 USD ahead of other digital currency exchanges
Read: The Treasury of the UK moves to regulate cryptocurrency transfers
Given that the exchange is owned and operated by Coinbase – which caters to traders in the US – it is fair to suppose that the enormous growth could be attributed to the imminent launch of Bitcoin futures trading on the 10th and 18th of December, as CBOE and CME Group respectively enter the market.
That move may soon be followed by brokerage firms TD Ameritrade and Ally Invest, while Man Group, Nasdaq, and JP Morgan Chase have similarly expressed their interest in providing Bitcoin futures contracts or leveraging CME Group’s option.
Bitcoin has now managed to surmount expectations it would only be valued at some $10k USD per coin before the close of 2017 – meaning that the digital currency may well shatter through a 15k USD barrier before the end of the year.
Concerns have mounted, however, that the flow of institutional money into Bitcoin might enable traders to short Bitcoin far more easily.
CME, Cboe, and Nasdaq are all rushing to launch a Bitcoin futures product.
I think this is good news as it will be much easier for institutions to buy BTC. But it’s also much easier to short BTC now.
Do you think this us bullish or bearish for BTC price in the short term?
— Charlie Lee [LTC] (@SatoshiLite) December 4, 2017
Read: The US Senate aims to criminalize the non-disclosure of cryptocurrency portfolios
What are your thoughts? Can Bitcoin continue its exponential growth into the opening days of 2018? What outlook can we expect as institutions ready new Bitcoin futures contracts? Be sure to let us know your opinion in the comments below!