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JPMorgan strategist: Bitcoin Futures Will Increase Crypto Currency to New Class Asset

Jamie Dimon, chief executive of JPMorgan, sees bitcoin as a "fraud" that "does not end in hurdle," but one of his top strategists predicts that the introduction of Bitcoin futures may Will make the encrypted currency into a "new type of asset."

According to CNBC, Nikolaos Panigirtzoglou, a global market strategist at JPMorgan, said on Friday that the addition of bitcoin futures contracts to mainstream regulated exchanges will give credit to cryptocurrencies, encrypting currencies for institutional and retail investors , Will be more attractive.

In one report, Panigirtzoglou said: "It is likely that the speculative launch of a Bitcoin futures contract at a given exchange will bring its legitimacy to attract more retail and institutional investors to invest in cryptocurrencies.

This prediction is no longer just an assumption. After months of expectations, the Chicago Mercantile Exchange, the Chicago Mercantile Exchange, revealed on Friday that it has received CFTC approval from the U.S. Commodity Futures Trading Commission and will begin trading Bitcoin futures on December 18. In a separate announcement, Chicago Board of Trade CBOE said it has also submitted a product certificate application for a Bitcoin futures product to the CFTC of the U.S. Futures Commission. It is reported that Nasdaq and Cantor are also expected to introduce bitcoin derivatives.

Although futures will be settled in cash - which means that there are no real bitcoins on the exchange that will change hands during the transaction - several major financial analysts believe that the existence of Bitcoin derivatives under the regulator's exchange will eventually diminish Market-related volatility can help grow new types of assets into conventional financial instruments.

Panigirtzoglou agrees, saying that even after bitcoin's year-long rise, Bitcoin recorded a record-high growth - "cryptocurrency is still likely to grow further".

"In short, the upcoming introduction of bitcoin futures has the potential to escalate cryptocurrencies to a new class of assets," said Panigirtzoglou. "The value of this new asset class is that it is widely accepted as a way to store and pay for wealth and simply Judging from the wealth reserves of other gold, the cryptocurrency may start from here and grow further. "

For months, CEO JPMorgan has been hostile to Bitcoin, with the surprise that JPMorgan will release a public report on Bitcoin and other cryptocurrencies. In addition to being described as fraud, Dimon slandered "stupid" bitcoin investors and threatened to fire any employee involved in cryptocurrency trading.

Nonetheless, especially in the recent mainstream financial debate on bitcoin, the company has quietly considered offering its customers bitcoin futures products after the CME went public. In this regard, Dimon has not yet made a public comment on the matter.