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Weekly Comic: Bitcoin Arrives on Wall St. With Launch of Futures Contract

Published 11/02/2017, 09:35 AM
Updated 11/02/2017, 09:35 AM

Investing.com - Bitcoin climbed past $7,000 for the first time this week, breaching another milestone less than one month after it tore through the $5,000 mark.

Gains this week have been fueled by bets the cryptocurrency could enter the financial mainstream after CME Group (NASDAQ:CME), the world's largest derivatives exchange operator, said it would launch a futures contract for bitcoin later this year.

Just last month, Jamie Dimon, the CEO of JPMorgan Chase (NYSE:JPM), said that bitcoin was a fraud and something his bank would never touch.

But the launch of a bitcoin product by a major regulated exchange could help cryptocurrencies gain legitimacy in the financial world and represent a major step forward in mainstream adoption.

Bitcoin has been on an absolute tear in 2017, rising over 600% against the dollar so far this year, taking its market cap to around $115 billion.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Latest comments

When the market crashes (repubs in control) BTC will be a great  safe haven,  for those that don't have heads in sand.
WOW. That means 92% of the S&P companies un one side are adding the same value to our lives as Bitcoin un the other side. After the millennium bug, this will be the next most stupid thing humans got in to.
AGRED Humans .
im pat im live
I guess eventually this will become our new dollar .
Smells like 2008 again in Cryptoland....
What a nice bubble and trigger for the next crash...
Hahahaha
Perfect set up for a perfect storm!!
Yeah, especially if this proposed derivative 'tail' manages to wag the '(bit)dog' as is the case for pm's...
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