[ad_1]
Crypto will never be a marginal investment until it has the support of the government. This is the appreciation of Terry Duffy, President and CEO of the CME Group, the leading derivatives market.
Duffy told Bloomberg that resistance to cryptography is too great to be overcome without the institutional backing of a central authority such as the government (see video above from 9:40).
"As long as governments will not start accepting crypto-currencies in one way or another, it will be difficult for the big business [banks] to get gung-ho on Bitcoin or any other cryptocurrency. "
Bitcoin requires "a lot of controls"
Duffy notes that he was a big supporter of listing future bitcoin in a major market, although he had reservations about it because it is a new badet clbad.
"I was convinced that we had to go ahead and list bitcoin in one way or another. But [I was] also knowing that it is a brand new badet clbad, so we have put in place a lot of controls on bitcoin. It was important.
As reported by CCN, CME Group was the second largest regulated derivatives market in the United States to track future bitcoins. In July 2018, Duffy said he would not rush to list other future crypto products because he did not want to risk the reputation of the CME group.
"Before we go into other cryptocurrencies, let's see how this happens," Duffy said. "I think that a list of bitcoins from six to eight months is not a good enough barometer to decide your future for any other cryptocurrency. I will take a wait and see approach with Bitcoin for the moment. "
Duffy: The launch of JPMorgan Crypto was a surprise
Terry Duffy says he is encouraged to learn this week that JPMorgan has decided to launch its own cryptocurrency.
The revelation provoked shock waves on Wall Street and the cryptography industry due to JPMorgan CEO Jamie Dimon's well-documented disregard for Bitcoin.
Duffy also pointed out that Goldman Sachs did the same thing with respect to cryptography. However, Duffy says it's not enough to have even inherited banks like these two giants.
Crypto-currencies will never be adopted by the general public until the government gives the green light, says Duffy.
"The key to the success of any currency, whether fiat or crypto, will be badociated with the government. So I think the government needs to get more involved. "
Newsflash: Bitcoin Basher Jamie Dimon and JP Morgan have launched their own cryptocurrency https://t.co/VciDixDldH
– CCN.com (@CryptoCoinsNews) February 14, 2019
SEC Crypto Mom: Glum about Bitcoin ETF
Hester Peirce of the Securities and Exchange Commission's Securities and Exchange Commission is skeptical that the agency is approving a bitcoin ETF this year.
Peirce has been dubbed the SEC's "Crypto Mom" for her pro-crypto stance. In July 2018, Peirce was the only one of the five SEC commissioners to want to endorse the Bitcoin ETF bid for the Winklevoss twins.
Peirce – a person named by President Donald Trump – has criticized the SEC's rejection of the ETF Winklevoss Bitcoin's request. She said the rejection would stifle innovation in the nascent sector and place the SEC in the awkward position of playing the babysitter for investors.
Peirce reaffirmed these sentiments during a speech this week, saying that "obscure rules" would likely delay the approval of a bitcoin ETF this year.
Terry Duffy Picture by Michael Reaves / Getty Images / AFP
[ad_2]
Source link
