31 Oct '17, 4pm

Bitcoin futures approval sparks fears: 'The financial crisis all over again'

Bitcoin futures approval sparks fears: 'The financial crisis all over again'

Cryptocurrency traders were having a blast Tuesday after bitcoin gained approval in the futures market, but not everyone was in on the party. After CME said it would launch bitcoin futures before the end of the year, fears quickly arose that money would start cascading in, sparking dark comparisons with a financial crisis-like orgy of speculation. "I have no problem with bitcoin. I like the concept," said Joe Saluzzi, a principal at Themis Trading. "I have a problem that on Wall Street the innovators are trying to package something up and put a derivative label on it when they really don't know what's underneath. It reminds me of the financial crisis all over again." Remember the CDO wrapper around all those crappy mortgages during the financial crisis? Placing a wrapper doesn't make it safe. Bitcoin operates in the essentially unregulated universe of digital currencies, w...

Full article: https://www.cnbc.com/2017/10/31/bitcoin-cme-futures-appro...

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