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Deutsche Bank economist - Bitcoin has great potential, but does not set off a big storm

As bitcoin prices continue to rise, executives at Deutsche Bank are starting to agree that they claim the currency will not wind up now.

Peter Hooper, an economist at Deutsche Bank, Germany's largest bank, told Bloomberg last Tuesday at a breakfast at the Global Market Outlook in Manhattan that Bitcoin, the digital currency, will stop there, adding:

"The idea of ​​bitcoin has a potential future, but it allows for a better design, and eventually we will have to find a way to adapt and regulate to avoid these problems."
His comments come as CBOE, the nation's first regulated exchange, launched its own bitcoin futures contract offering, for the first time, traditional investors betting on bitcoin prices. Just after obtaining regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC), CBOE is helping this digital currency become more mainstream in a regulated environment. And then the Chicago Mercantile Exchange (CME) will also launch its own bitcoin futures contracts, also received the CFTC approval.
Hooper believes Bitcoin has great potential and that as more people invest in bitcoin, these potential will be further realized. For example, one potential is that bitcoin is used to send money abroad and does not require high commissions.

He said:

"Bitcoin is a long way from competing with the existing money supply, but bitcoin poses some financial stability issue."
However, notwithstanding the increasing attractiveness of digital currencies, not everyone is pleased. One of them is JPMorgan CEO Jamie Dimon. As early as September, he claimed bitcoin is a "fraud", "worthless." Since then, he has seldom published any comments about bitcoin, a cryptocurrency; however, he recently argued that he did not think bitcoin would go on like this.

Not only that, but the FIA ​​- a group of well-known financial institutions including JPMorgan Chase and Goldman Sachs - recently sent an open letter to the CFTC stating that the introduction of Bitcoin futures contracts was too fast and not enough Time to review it. Ed Tilly, chairman and CEO of CBOE, went back to FIA saying the exchange and regulators have been working at various levels to bring such products to market and will continue to do so. Tilly recently said everything was going according to plan since the bitcoin futures contract went live.