Bitcoin’s fraud perception will change over time

Bitcoin’s fraud perception will change over time: CBOE CEO Ed Tilly

cboe vox index.jpgBitcoin futures began trading on the Chicago Board Options Exchange (CBOE) on Sunday, a move seen as a milestone for the cryptocurrency.

In an interview with FOX Business’ Neil Cavuto, Cboe Global Markets (CBOE) Chairman and CEO Ed Tilly said bitcoin’s trading debut was volatile with the exchange trading an estimated 3,000 contracts in the global session pre-U.S. open.

“Bringing new products on the marketplace is what we do. So an operational readiness leading into the launch last night went according to plan,” Tilly said.

The national value of the contracts traded in the first few hours was about $40 million against the $1.1 billion bitcoin market.

“I think it’s pretty positive,” Tilly said. “Think about never having traded this contract in a lit futures market before. There was that kind of confidence in Cboe’s systems to bring this contract up.”

JP-Morgan-Chase-LogoIn September, JPMorgan Chase Chairman and CEO Jamie Dimon slammed bitcoin, calling the cryptocurrency a “fraud” and saying he would fire anyone who trades bitcoin for being “stupid.”

“The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” Dimon said at a bank investor conference in New York.

The Cboe’s CEO said he thinks confidence in bitcoin — and concerns over fraud — will change over time.

Bitcoin-Logo“We’re in the business of being able to express that opinion, and I want to polish this point in a transparent regulated marketplace, and I think a lot of that fraud can fall away when you know your end user,” he said on FOX Business’ “CAVUTO: Coast-to-Coast.”

Tilly said Cboe is not only endorsing bitcoin but the concept of digital currency as well.

“How to take this concept of cryptocurrency standardize contract on a futures exchange that our customers already know, that’s really the movement,” he said.

Bitcoin futures will trade under the ticker symbol “XBT.” The launch follows the digital currency’s dramatic price jump of more than 1,000 percent in 2017.

Fox-Business-LogoFor more information:

Disclaimer/ Disclosure: The Investors News Magazine is a third party publisher of news and research as well as creates original content as a news source. Original content created by Investors News Magazine is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site may be compensated by featured companies for news submissions and content marketing. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s