Re: [Bearish] Keep bitcoin away from the real economy, says billionaire
As I mentioned in the past bearish thread I made, the CME Group's creation of a bitcoin futures and derivatives market might cause another catastrophic financial crisis. There is nothing stopping the CME from including scam cryptocoins and tokens in their market. Like what they did in the past, they will combine different scam altcoins with bitcoin in tranches, and have them rated as class A investments.
It is a very terrible time to be bullish.
Peterffy is reacting to news from CME Group CEO Terry Duffy, who earlier this month announced bitcoin futures would debut on the CME by the end of the year.
Peterffy called this move "suicidal."
"Bitcoin has risen by 1,000 percent over the last year. It went from 700 to 7,000 -- there is nothing to say it wouldn't go to 70,0000," Peterffy said.
He argued that even 20 percent limit up or down on bitcoin, as Duffy has suggested, wouldn't protect against bitcoin's volatility.
"It could bring down the entire economy," he said.
Read the whole article https://www.cnbc.com/2017/11/15/thomas-peterffy-keep-bitcoin-away-from-the-real-economy.html
It is a very terrible time to be bullish.
Peterffy is reacting to news from CME Group CEO Terry Duffy, who earlier this month announced bitcoin futures would debut on the CME by the end of the year.
Peterffy called this move "suicidal."
"Bitcoin has risen by 1,000 percent over the last year. It went from 700 to 7,000 -- there is nothing to say it wouldn't go to 70,0000," Peterffy said.
He argued that even 20 percent limit up or down on bitcoin, as Duffy has suggested, wouldn't protect against bitcoin's volatility.
"It could bring down the entire economy," he said.
Read the whole article https://www.cnbc.com/2017/11/15/thomas-peterffy-keep-bitcoin-away-from-the-real-economy.html
He is making legitimate arguments, actually. I thought it would be another FUD fest. There is no way to know but try though.