Wondering what you all think will be the effect of the futures market on the adoption of Bitcoin in Wall St, including the time scale.
Two of the planned three Bitcoin Futures markets are starting in the next two weeks. One $100 billion hedge fund in I believe the UK has already said they will start offering direct exposure to Bitcoin once futures go online. Many financial experts expect that futures will lead to the SEC accepting Bitcoin ETFs.
Futures are a sideshow that won't affect the market. The real thing we want is direct exposure through ETFs and hedge funds. Do you think futures will lead to this and how long will it take until we have a bunch of hedge funds and approved ETFs operating in Bitcoin?
Im not sure if we want ETFs just yet... it's too early. Also there's no way an ETF is going to get approved anytime soon, every time someone has tried, they have failed. Notice that the SEC said that since Bitcoin cannot be regulated, an ETF for Bitcoin cannot pass. I don't see how Bitcoin can ever be regulated, since if it's regulated it's dead, so I don't see how we can ever have an ETF for Bitcoin.
But that's irrelevant, we don't really need an ETF to go to the moon. CME and Nasdaq futures are enough for anyone with money to get in and drive the price to the next level. Some futures don't even allow shorting, but I think CME does, so that's a risk that they may try to short. Let's see how it goes for them, I think a lot of idiots are trying to short Bitcoin and they are going to lose their money when it pumps back quickly.