The digital currency debuted in Chicago last night. This means it would be way easier for institutional investors to embrace bitcoin. It was a widely watched event, and the company’s website even collapsed for a couple hours. CBOE Holdings, the star of the night, was overwhelmed and inaccessible for some time.
Even though traffic to the CBOE website was extremely heavy, the company said its trading systems were working properly. The trading so far shows that futures traders expect bitcoin’s wild rally to continue. At the beginning of the month, Edward Tilly, CEO of CBOE, said:
“…some of the early users of bitcoin futures are likely to be sophisticated individual traders and cryptocurrency dealers who until now couldn’t effectively hedge their positions. Others have suggested that bitcoin miners who incur massive electricity bills could use futures to hedge their costs.”
CBOE’s bitcoin futures launch is the start of a process that will bring bitcoin into the financial mainstream, but it will take time to know this idea works or not. And the exchange will soon have to compete with a rival contract from CME Group.Trade on Bitcoin here
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