At the moment, all of the cryptocurrency news are somehow geared up around the potential regulation of cryptocurrencies but primarily Bitcoin. However, according to the CEO of the top derivatives marketplace CME Group Terry Duffy, crypto will never be anything more than a fringe investment until it gets government backing.
In an interview with Bloomberg, Duffy spoke about the resistance to crypto and how big it is to overcome it. As he stated:
“Until governments really start to accept cryptocurrencies in some way, shape or form, it’s going to be difficult for the major commercial [banks] to get gung-ho on bitcoin or any other cryptocurrency.”
He further touched the topic of controlling Bitcoin and the futures market, saying:
“I was a big believer that we needed to go forward and list bitcoin in some way, shape, or form. But [I was] also understanding that this is a brand-new a new asset class, so we put in a lot of controls on bitcoin. That was important.”
When it comes to the actual time to decide on what Bitcoin is and will be, Duffy said:
“Before we get into any other cryptocurrencies, we’re going to see how this one goes. I think that six to eight months as a listing of bitcoin is not a good enough barometer to decide what your future should be for any other cryptocurrency. I will take a wait-and-see approach with bitcoin for now.”
Lastly, Duffy said that he was encouraged when he learned that JPMorgan had decided to launch its own cryptocurrency, which sent a lot of shock waves across Wall Street and the crypto industry as a whole.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post