Wednesday, November 15, 2017

Hedge funds preparing for the 'institutionalization' of Bitcoin as CME prepares trading contract which will skyrocket volume and price

Bitcoin owners should expect prices to go much, much higher once the CME implements their new paper futures contract that will allow investors to buy a derivative form of the cryptocurrency without having to go through a standard type of exchange.  And the only question that remains is whether this market will come to control the price or whether it will remain de-centralized since many hedge funds believe the CME contract will 'institutionalize' the cryptocurrency.

Just yesterday we noted that billionaire hedge fund legend Mike Novogratz said "the institutionalization of [the crypto space] is coming... and it's coming quick." 
Novogratz said he expects major financial firms will soon start to offer bitcoin or similar products as an investment option, one that could be easily purchased over the phone.
“When it’s that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think,” 
How right he was as the CEO of massive hedge fund Man Group just confirmed they will "add bitcoin to its investment universe" once CME launches Bitcoin futures. 
As BI reports, one of the largest hedge funds in the world might hop on the bitcoin trade.
Luke Ellis, the CEO of Man Group, the UK-based investor with $95 billion in funds under management, said the firm would include bitcoin in its "investment universe" if bitcoin futures successfully launch, according to a tweet by Reuters. 
CME announced at the end of October that it would launch a bitcoin futures product by year-end. 
On Monday, CME chairman and CEO Terry Duffy said such a product would likely be ready by the second-week of December. 
Additionally, as CoinTelegraph reports, earlier today on Nov. 14, Multicoin Capital Managing Partner Kyle Samani revealed that he had met with an institutional investor with a $30 bln fund. The investor disclosed the fact that fund managers within the company are restricted to issuing checks with the minimum value or $300 mln. 
“More. Just met with an institutional manager. $30 bln fund. Minimum check size $300 mln. Current crypto allocation: $0. We aren't even close to the top,” said Samani.


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