The bitcoin virtual currency, was launched in 2008 (Photo by ANTHONY WALLACE. AFP)
In the process of being adopted by many platforms trading, the bitcoin will install itself in the financial landscape and his recent surge is just a blip that any innovative technology, argue several specialists of this virtual currency.
Appeared in 2008, the bitcoin was worth around $ 1,000 in early 2017. It is mounted Wednesday until 11.434 dollars.
After the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) is the electronic stock Exchange Nasdaq, which is now considering to offer the opportunity to speculate on bitcoin via derivatives starting in 2018, says the Wall Street Journal. A large financial services company, Cantor Fitzgerald, has similar ambitions.
“This category of investments will not go away,” said the economic newspaper, the head of the branch specialised in the brokerage of Cantor Fitzgerald Shawn Matthews, in anticipating the next arrival on the market of financial actors of the first plan.
Derivatives are a means of sharing large-scale products are sophisticated financial, which is based on the value of real assets (commodities, currencies, etc)
– Currency sulphurous –
“The adoption of derivatives of the bitcoin platform-stock market is an important sign of its recognition as a product that is intended to stay,” echoed David Yermack, professor of finance at New York University, stressing that this will also bring on the market a lot more investors speculating to the downside on the currency.
He has been interested for several years in the development of the virtual currency and the technology on which it is based, the “blockchain”, a string of computer code in which is recorded each operation and becomes tamper-proof.
It is difficult to identify a particular explanation for the recent surge of the bitcoin, whose prices are volatile since its inception.
His supporters have been shaken this summer by the launch of a rival, the “bitcoin cash”, created at the initiative of a minority share of the community of its users. But the abandonment of a similar project in November, has made serene, advance Mr. Yermack.
The popularity of many companies and institutions for the technology of the blockchain increases also according to him, the growth of bitcoin, which often plays an indirect role as the underlying product or means of payment, for example.
The fact that platforms stock deemed to propose derivatives of bitcoin also brings legitimacy to a currency on the reputation, often associated with online crime and not regulated by authorities, considers a specialist, Lou Kerner.
“The biggest problem that is preventing so far the banks from speculating on the bitcoin was the regulatory uncertainty,” a problem that the creation of derivatives guaranteed by financial institutions allows you to work around, he says.
For a long time investor specializing in social networks, Mr. Kerner is dedicated now only to virtual currency.
The bitcoin is, the judge does it, that is destined to become the next store of value, in the same way as gold.
Nothing, nor nobody guarantees today the value attached to this metal, it is about trust, ” argues Mr. Kerner. It is, he says, the same thing for the bitcoin.
“The people who today speak of a bubble were already talking about when the bitcoin has surpassed the $ 100, then $ 1,000. This is not very constructive”, he recalls.
To Jeff Currie, head to the bank Goldman Sachs (NYSE:GS) research on the raw materials, the bitcoin is also included in the same category as gold. If only because it is necessary to go to the “miner” with computer servers powerful through a long process, expensive and time-consuming.
The major problem currently stems from the “lack of liquidity” of the market on which it is based, “that creates this volatility is that everyone is concerned about,” he explained Wednesday on the channel Bloomberg Television, pointing out that the capitalization of bitcoin is currently about $ 170 billion when the gold worth 8.300 billion.
“If you give the bitcoin a few decades to grow and that it becomes as important as gold, then its volatility will decrease”,-he stressed.