CBOE Bitcoin Futures Day One Went Well; A Little Chaos and Climbing Bitcoin Prices.
CBOE Bitcoin Futures started yesterday to the CBOE website crashing, the Coinbase website crashing and the price of Bitcoin climbing by $3,000 or so to chalk up a 20% gain for the day.
This reverberates with an ancient Chinese saying “There is chaos under Heaven and the situation is excellent.”
What’s also excellent is that CBOE Bitcoin futures day one racked up 4,000 Bitcoin futures contracts totaling about $70 million and, to the amazement of the cynical and skeptical, the price of Bitcoin on the futures market is higher than the price of actually buying Bitcoin as this article is published. About $1,000 higher.
All said and done the price of actual Bitcoin is very close to its all-time high of $18,900 and no one should be surprised to see BTC skyrocket as the week goes on as CME Bitcoin futures trading starts in just a few days. All told I predict the best kind of upward pressure in Bitcoin pricing going right into orbit. Nat Roth wrote about the perils of shorting Bitcoin and with CBOE Bitcoin futures day one in the history books he’s right.
We feel that shorting Bitcoin would be a massive mistake and investors by and large seem to agree. The price of Bitcoin futures bears that out. The consensus of the Bitcoin futures market is that the price of Bitcoin is going nowhere but up. If proven true over the term of any given Bitcoin futures contract that means only good news for the Bitcoin bulls and very bad news for the Bitcoin bears who are trying to short Bitcoin.
It seems as if the doubters and haters in the Bitcoin world will be on the wrong side of history if the results of CBOE Bitcoin Futures Day One is any guide.