The largest U.S. Bank holding company Morgan Stanley, followed by Goldman Sachs, TD Ameritrade and E*Trade will begin to provide customers with clearing services for futures bitcoin CME Group and CBOE.
The emergence of futures for bitcoin has caused ambiguous reaction of the crypto community. The experts believed that the speculators of wall Street will be able to manipulate the market, but such fears were not justified, as it turned out – the greater the number of companies with wall Street is embedded in cryptonote, the greater their legitimacy.
According to the statement of the chief financial officer of the holding Pruzan Jonathan (Jonathan Pruzan), the service is designed for institutional clients:
«If someone wants to make a deal and pay with Fiat, we’ll do it,’ he said. But I would not say that the demand for futures on bitcoin is very high. Creating this option, we primarily rely on institutional customers wishing to purchase such financial instruments».
Institutional investors are beginning to have an increasing impact on the cryptocurrency market. This has a positive effect on the price of bitcoin if investors of this scale are interested in it.
Brian Armstrong (Brian Armstrong), head Coinbase is confident that institutional investors are able to offer investments in very large amounts, about $10 billion.
Previously, due to the high volatility of the stock market, companies with wall Street preferred not to get involved with derivatives on bitcoin. Now, in addition to Morgan Stanley and Goldman Sachs, such a service to its customers offered by TD Ameritrade, E*Trade and Interactive Brokers. The situation may change after 14 February, after the February contracts.